Bitcoin Price Analysis: BTC ready to burn below $4000 towards $3200?

8 months ago

Major Trend: Strong Bearish

Hourly RSI: RSI is at 40 level

Hourly MACD: In heavy Bearish Zone

Major Support Levels: $4000, $3200, $2700

Major Resistance Levels: $4500, $4700

Bitcoin price is under a strong sell pressure below the $4500 as it failed to recover above $4700. Currently trading at $4299 according to CoinGecko.

If sellers remain in action, the price could decline below $4000.

After seeing a small upside correction yesterday above the $4500 level against the USD, BTC/USD failed to break through the $4700 level. The price action has been considerably downtrend since after. The price is currently trading below the 100 hour SMA level and has also declined below the 61.8% Fibonacci retracement level.

A strong sell pressure

If the sellers gain pace, the price might break the $4000 support level and drive the price considerably lower than $4000 towards the $3500 – $3200 range.

  • The price of bitcoin moved downwards after failing to break the resistance point at $4600.
  • A bearish trend has started moving the resistance point from $4600 to $4400.
  • Bitcoin price is likely to fall below $4000 in a short-term before it can actually start recovering back.

Bitcoin price was trying to recover above $4700 mark but experienced a major bearish pull which may result in the price falling below $4000.

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