Bitcoin (BTC) Bulls Take Back Seat, $4,850 Holds The Key

  • Bitcoin price started a major downward move after it failed to stay above $5,150 against the US Dollar.
  • The price declined below the $5,080 and $5,000 support levels to enter a short term bearish trend.
  • There is a key declining channel in place with resistance at $5,040 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline further towards the main support near $4,850, where bulls could take a stand.

Bitcoin price failed to hold the key $5,220 and $5,150 supports against the US Dollar. BTC even dipped below $5,000 and it may continue to slide towards the key $4,850 support area.

Bitcoin Price Analysis

Recently, there was a bearish reaction below the $5,350 support in bitcoin price against the US Dollar. The BTC/USD pair started a major downward move after sellers managed to push the price below the $5,220 and $5,150 support levels. It opened the doors for more losses, with a close below $5,150 and the 100 hourly simple moving average. The price…

Read Full Story : NewsBTC

2019-04-12 06:30:47

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