Bitcoin Price Weekly Analysis: BTCs Bullish and Bearish Scenarios Analyzed

Bitcoin price declined recently and traded below the $3,725 support against the US Dollar.
There is a short term breakout pattern forming with resistance near $3,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair may soon make the next move either above $3,650 or below $3,550 in the near term.

Bitcoin price faced an increased selling pressure below $3,700 against the US Dollar. BTC/USD is aligned for the next break either bullish above $3,650 or bearish below $3,550.

Bitcoin Price Analysis

This past week, bitcoin price started a major downward move from the $4,037 swing high against the US Dollar. The BTC/USD pair declined heavily and broke the $4,000, $3,800, $3,725 and $3,650 support levels. The decline was nasty as there was a close below the $3,725 level and the 100 simple moving average (4-hours). It traded close to the $3,550 support area and later started consolidating losses. An initial resistance on the upside is near the $3,650 and $3,660 levels.

More importantly, there is a short term breakout pattern forming with resistance near $3,650 on the 4-hours chart of the BTC/USD pair. Therefore, the pair seems to be preparing the next break either above $3,650 or below $3,550 in the near term. A break above the $3,650 level may push the price towards the $3,660. It represents the 23.6% Fib retracement level of the last drop from the $4,037 high to $3,549 low. A successful close above the $3,660 and $3,665 level may open the doors for a bullish recovery towards $3,725. The main resistance is near the $3,790 level. It coincides with the 50% Fib retracement level of the last drop from the $4,037 high to $3,549 low.

Looking at the chart, BTC price could even break the $3,550 support and extend losses. In the stated bearish scenario, the price may extend losses below $3,500 and $3,400.

Technical indicators

4-hours MACD The MACD for BTC/USD is slowly moving in the bullish zone, with lack of strength.

4-hours RSI (Relative Strength Index) The RSI for BTC/USD is currently near the 30 level, with a bullish angle.

Major Support Level $3,550

Major Resistance Level $3,660

The post Bitcoin Price Weekly Analysis: BTCs Bullish and Bearish Scenarios Analyzed appeared first on NewsBTC.

12.01.2019 / 22:05 15
Bitcoin Cash Price Weekly Analysis: BCH/USD Could Struggle Near $120 Bitcoin Cash Price Weekly Analysis:
Key Points Bitcoin cash price declined heavily and even broke the $100 support against the US Dollar. There is a crucial bearish trend line formed
Ethereum Price Analysis: ETH/USD Nosedives Below $150 Support Ethereum Price Analysis: ETH/USD
Key Highlights ETH price failed to recover and declined below the $150 level declined against the US Dollar. There is a short term bearish trend line
Bitcoin Price Weekly Analysis: Sell Rallies In BTC/USD Near $5,880 Bitcoin Price Weekly Analysis: Sell
Key Points Bitcoin price declined heavily and traded close to the $5,200 support level against the US Dollar. There is a short term consolidation
Bitcoin Price Weekly Analysis: BTC/USD Remains At Risk Below $6,300 Bitcoin Price Weekly Analysis: BTC/USD
Key Points Bitcoin price started a downside correction after climbing as high as $6,554 against the US Dollar. There was a break below a major
Ethereum Price Weekly Analysis: ETH/USD Could Revisit $422 Ethereum Price Weekly Analysis: ETH/USD
Key Highlights ETH price struggled to hold gains above $510 and declined sharply against the US Dollar. Recently, there was a break above a bearish
Bitcoin Cash Price Analysis: BCH/USD Extending Losses Bitcoin Cash Price Analysis: BCH/USD
Key Points Bitcoin cash price declined further and broke the $730 support area against the US Dollar. There was a break below a key bullish trend
Comments (0)
Add a comment
Comment on