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#Bitcoin Price Analysis

Bitcoin drops to $3200. $2500 next for BTC?

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Today, bitcoin experienced a massive selling volume which let to the price of bitcoin falling down to $3200 which is a yearly low for BTC.

With the price of bitcoin falling, other major altcoins such as ETH and BCH also fell sharply against USD and other fiat currencies.

The price of BCH has been falling massively over the past few days with more than 25% loss in just a week of time. BCH was trading around $115 last week and fell up to $87 today.

 

Crypto Winters

Major cryptocurrency market analysts are predicting that the current crypto winters may last for months and bitcoin may experience a significant price drop in the coming days. Bitcoin price can fall up to $1500 as being predicted. Trading right now is quite risky as the market is quite volatile at the moment. Bitcoin was trying to recover back above $3400 from the past few days and even experienced a bullish run on 9th of December. But the bulls could not face the robust bears for long and the price started a downfall thereafter. The major price downfall happened today when the price crashed down from over $3450 to $3200 in just a few hours.

 

Technical indicators:

Support level: $3200

Resistance Level:$3300

BTCUSD 5 day chart

BTCUSD 5 day chart

Bitcoin is currently trying to recover from today’s massive selling and may settle somewhere around $3300 before crashing again. The major resistance level is now set around $3300 and the support level is around $3200. Once the current support is broken, bitcoin may fall down to the next support around $3000 before falling beneath that. However, the next long-term major support low lies at around $2500 and bitcoin may crash down to this level if the $3000 support is broken.

Bitcoin may not be able to move above $4000 at least for a month or so. Bitcoin is currently settled between $3000 and $4000 range from the past few weeks. Large venture capital firms that were planning to come into the cryptocurrency market have now started to back out looking at the market situation.

 

The following article is not a financial advice. Readers are advised to do their own research and analysis before making any investments in any digital asset such as bitcoin.

#Bitcoin Price Analysis

Bitcoin Price Analysis: BTC ready for a sharp rise?

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Technical Indicators:

Support Level: $3940

Resistance Level: $4000

 

Key Points:

  • Bitcoin price is getting stronger with the current support at $3940.
  • BTC will probably break the $4000 resistance soon to move upwards.
  • A bearish pattern is being formed with resistance around $3980 on the hourly chart.
  • Bitcoin price could spike upwards after breaking the $4000 resistance soon.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is getting stronger in order to break through the strong resistance around $4000. BTC will most probably break through this resistance and move towards $4100 if the $3940 support is maintained.

 

Bitcoin was able to correct upwards after falling down to around $3870. Bulls picked up the pace and moved the price above $3940 resistance level. However, the resistance around $4000 was strong enough to stop further gains. Bitcoin went up to $3999 before correcting downwards. The support formed around $3940 which was earlier the resistance proved strong enough to stop the price from falling down further.

 

Bitcoin price is currently trading upwards in a position to break through the resistance between $3980 and $4000. However, a bearish pattern is being formed around this resistance on the hourly chart. The 100 hourly SMA also lies within this range.

 

If BTC price is able to break through this resistance and the 100 hourly SMA, there are chances of bitcoin rising to up to $4050 and $4100 resistance level in the short term. The major support for bitcoin is currently at $3940.

BTCUSD Price Chart 25th March

BTC/USD Price Chart 25th March

The chart shows that bitcoin price is currently getting stronger with support around $3940. If BTC is able to remain above this support, it might soon break through the $4000 resistance. There is also a small resistance around $4020 after which the price might spike up to $4050 and $4100 resistance levels. However, if the $3940 support is broken, bitcoin might fall down towards $3900 and $3880 support levels in the short term.

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#Bitcoin Price Analysis

Bitcoin Price to $4500 soon? BTC Price Analysis

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Bitcoin price moved above $4000 yesterday and currently trading around $4100. The buyers are trying again to break through the strong resistance at $4200.

Technical Indicators:

Support Level: $3900

Resistance Levels: $4100, $4200

 

Bitcoin Price Analysis:

On the hourly chart, bitcoin price has been quite bullish since last week when it reached a high point of $4160. However, bitcoin was not able to break through the resistance around this range. Again bitcoin started a bullish momentum on 18th March and reached up to $4120 before but started to correct downwards later. It went below $4000 support level.

Bitcoin price moved above $4000 yesterday and currently trading around $4100. The buyers are trying again to break through the strong resistance that is formed between $4100 and $4200. If the current resistance is broken, there are chances that bitcoin could spike up to $4500 in the short term. The current momentum surely signals a ‘buy’ time. However, if bitcoin is not able to break through this resistance for long, it could result in BTC price falling back below $4000 and even $3900 range and turn bearish.

BTCUSD Hourly Chart

BTCUSD Hourly Chart

Last week, bitcoin tested the $4200 resistance but failed to break through. The sellers pushed the price down to $3832. Later, buyers were able to start a fresh bullish momentum and moved the price above the 12-day exponential moving average which was turned into support. Bitcoin moved above $4000 and the buyers are currently moving ahead to fight the sellers at $4200 resistance level.

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#Bitcoin Price Analysis

Bitcoin Price Analysis: BTC at a crucial point

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Bitcoin price is currently situated well above $3940 support. BTC could very soon fall downwards if it is unable to break above $4000 resistance level.

Technical Indicators:

Support Level: $3940

Resistance Level: $4000

Key Points:

  • Bitcoin price is struggling to break the $4000 resistance.
  • BTC recently fell downwards and tested the $3940 support and 100 hourly SMA again.
  • A bearish pattern line is formed at with resistance around $3980 on the hourly chart.
  • It is very essential for Bitcoin price to reach above $4000 in order to stop the price from falling.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is currently situated well above $3940 support, however, BTC could very soon fall downwards if it is unable to break above $4000 resistance level.

Bitcoin started to correct downwards yesterday after rising up to $4040. The downward momentum was able to break $4000 support level and the price further fell down to test $3940 support.

However, the selling pressure was not enough to break this support and hence bitcoin is currently placed well above this range. Also, there is a bearish pattern line formed with resistance around $3980 on the hourly chart. Hence, it is very essential for bitcoin price to break through the $4000 resistance level in order to avoid a sudden bearish momentum. If BTC is unable to break through, it might crash down and break through the current support.

BTCUSD Price Chart

BTCUSD Price Chart

The chart shows that the bitcoin price will most likely cross over the $4000 resistance level or crash down below the current support around $3940 very soon. Buyers need to gain pace in order to avoid losses.

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