ADVERTISEMENT

Bitcoin Price Analysis: BTC at a crucial point

ADVERTISEMENT

Must Read

Youtuber Michelle Phan claims bitcoin is the best reserve and savings technology

The Asia-American YouTuber, Michelle Phan, sporting a channel with above eight million subscribers, has cited her opinion on Bitcoin,...

‘Force Majeure’ clause saves Telegram from refunding money to investors

Earlier US Security Exchange Commission obtained a restraining order from the US SEC to halt Telegram operations in the...

Bitcoin price starts to crash: Analyst eyes $6500

Popular Trend analyst account, Tradingshot, has predicted that the price of the leading cryptocurrency is likely to go at...

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.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

1 comment

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Youtuber Michelle Phan claims bitcoin is the best reserve and savings technology

The Asia-American YouTuber, Michelle Phan, sporting a channel with above eight million subscribers, has cited her opinion on Bitcoin,...

More Articles Like This