Bitcoin Price Watch: BTC Won’t Go Quietly, Risk of Bounce Grows

  • Bitcoin price failed near the $3,478-$3,480 resistance zone and declined recently against the US Dollar.
  • There is a major declining channel in place with resistance at $3,410 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could dip a few points before making another attempt to recover above $3,440.

Bitcoin price is struggling to gain momentum above $3,400 against the US Dollar. BTC price might test the $3,360 support before a fresh upward move above the $3,400 level.

Bitcoin Price Analysis

Recently, we saw a decent recovery above the $3,440 level in bitcoin price against the US Dollar. However, the BTC/USD pair failed to break the $3,478-$3,480 resistance zone. As a result, there was a fresh decline below the $3,440 and $3,420 support levels. There was also a close below the $3,420 level and the 100 hourly simple moving average. Moreover, the price traded below the 50% Fib retracement level of the last wave from the $3,344 low to $3,478 high. Finally,…

Read Full Story : NewsBTC

2019-02-01 06:45:40

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