Bitcoin (BTC) Price Signaling Additional Losses Below $3,900

Bitcoin price failed to surpass the $4,000 resistance level and declined against the US Dollar.
The price declined sharply and broke the key $3,940 support area to enter a bearish zone.
Yesterdays highlighted major bearish trend line is intact with resistance at $3,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair traded towards the $3,850 support and it is currently higher towards key resistances.

Bitcoin price declined below important supports near $3,940 against the US Dollar. BTC might correct in the short term, but sellers are likely to protect gains above $3,940.

Bitcoin Price Analysis

After multiple failures near the $4,000 resistance, bitcoin price started a sharp decline against the US Dollar. The BTC/USD pair formed a swing high near $3,980 and later declined below the key $3,940 support area. Sellers gained control and the price even broke the $3,900 support level. The price traded to a new weekly low at $3,855 and settled well below the 100 hourly simple moving average. Later, the price started an upside correction above the $3,900 level.

The price cleared the 23.6% Fib retracement level of the recent decline from the $3,978 high to $3,855 low. However, the price is currently facing resistance near $3,920. It represents the 50% Fib retracement level of the recent decline from the $3,978 high to $3,855 low. In the short term, the price might correct above the $3,920 level. Having said that, there is a strong resistance near the $3,940 and $3,950 levels.

Besides, yesterdays highlighted major bearish trend line is intact with resistance at $3,950 on the hourly chart of the BTC/USD pair. The 61.8% Fib retracement level of the recent decline from the $3,978 high to $3,855 low might also prevent gains near $3,930. Therefore, if the price corrects higher, it is likely to face a strong resistance near $3,940 and $3,950. A proper close above the $3,950 resistance plus the 100 hourly SMA is must for a decent rebound towards $4,000.

Looking at the chart, bitcoin price clearly moved into a bearish zone below the $3,940 support level. On the downside, an immediate support is at $3,880, below which the price is likely to revisit the $3,850 support. If there are more losses below $3,850, the next stop for sellers could be $3,800. On the upside, the main resistance is at $3,950, above which there are chances of a fresh increase.

Technical indicators:

Hourly MACD The MACD moved back in the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD recovered recently, but it is still well below the 50 level.

Major Support Levels $3,880 followed by $3,850.

Major Resistance Levels $3,930, $3,940 and $3,950.

The post Bitcoin (BTC) Price Signaling Additional Losses Below $3,900 appeared first on NewsBTC.

25.03.2019 / 23:50 30
Ethereum Price Analysis: Selling ETH Close To $135 A Good Deal Ethereum Price Analysis: Selling ETH
ETH price failed to climb above the $137 resistance and declined later against the US Dollar. The price declined heavily and broke the $134 and $132
Ethereum Price Analysis: Stop Hunting Pushes ETH Into Bearish Zone Ethereum Price Analysis: Stop Hunting
ETH price failed to break the $139 resistance and declined sharply against the US Dollar. The price broke the key $134 support level to enter a
Ethereum Price Analysis: ETH In Trouble, Risk of Breakdown Below $100 Ethereum Price Analysis: ETH In
ETH price failed to bounce back and declined below the $108 and $104 supports against the US Dollar. Yesterdays highlighted key bearish trend line is
Ethereum Classic Price Analysis: ETC/USD is Bearish Below $13 Ethereum Classic Price Analysis:
Key Highlights Ethereum classic price declined below the $13.50 and $13.00 support levels against the US dollar. There is a key bearish trend line
Bitcoin Price Watch: BTC/USD Broke Key Supports, Turns Bearish Bitcoin Price Watch: BTC/USD Broke Key
Key Points Bitcoin price failed to stay above the $6,300 and $6,280 support levels against the US Dollar. Yesterdays highlighted key contracting
Ethereum Price Analysis: ETH/USD Broke Key Support and 100 SMA Ethereum Price Analysis: ETH/USD Broke
Key Highlights ETH price declined recently and broke a key support near $468 against the US Dollar. Yesterdays highlighted important bullish trend
Comments (0)
Add a comment
Comment on