- Bitcoin price declined below the $3,550 support and tested the $3,380 level against the US Dollar.
- There was a break below a major bullish trend line with support at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is currently recovering, but it could face strong resistances near $3,550. $3,580 and $3,640.
Bitcoin price extended losses below the $3,600 support against the US Dollar. BTC may recover in the short term, but upsides are likely to be capped by $3,600-3,650.
Bitcoin Price Analysis
In the weekly analysis, we saw a consolidation pattern above the $3,550 support in bitcoin price against the US Dollar. The BTC/USD pair traded in a range for some time, but later sellers managed to push the price below $3,550. The price declined heavily and broke the $3,500 and $3,400 support levels. There was even a close below the $3,500 level and the 100 hourly simple moving average. A new monthly low was formed at $3,372 and later the price started an…
Read Full Story : NewsBTC