Bitcoin Price Weekly Analysis: BTC Trading Near Make-or-Break Levels

2019-1-27 09:00

Bitcoin price is trading nicely above the $3,500 support area against the US Dollar. There is a major ascending channel formed with resistance at $3,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair needs to surpass the $3,650 and $3,720 resistance levels to gain bullish momentum in the near term.

Bitcoin price made a few bullish breakout attempts, but it failed against the US Dollar. BTC/USD must stay above $3,500 and $3,480 to avoid a downside break in the coming days.

Bitcoin Price Analysis

This past week, bitcoin price remained nicely supported above the $3,500 level against the US Dollar. The BTC/USD pair started a recovery and moved above the $3,550 and $3,600 resistance levels. There was also a break above the $3,620 pivot level. Buyers pushed the price above the 50% Fib retracement level of the last decline from the $3,725 swing high to $3,443 low. However, the upside move was capped by the $3,650 resistance and the 100 simple moving average (4-hours). As a result, the price trimmed gains and settled below the $3,600 level.

At the moment, the price is trading well below the $3,600 level and the 100 simple moving average (4-hours). It traded as high as $3,673 and declined below the $3,575 level. There was a test of the 61.8% Fib retracement level of the last wave from the $3,443 low to $3,673 high. More importantly, there is a major ascending channel formed with resistance at $3,650 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the channel support and $3,500, the price may test $3,480. Below the range support at $3,480, the price may move into a bearish zone towards $3,200.

Looking at the chart, BTC price seems to be struggling to gain traction above $3,600 and $3,650. Should there be an upside break above $3,650, the price is likely to grind towards $4,000 in the near term.

Technical indicators

4-hours MACD – The MACD for BTC/USD is mostly flat in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just below the 50 level.

Major Support Level – $3,500

Major Resistance Level – $3,650

The post Bitcoin Price Weekly Analysis: BTC Trading Near Make-or-Break Levels appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 70720.16 (+0.03%)
Объем 24H $25.57b
Изменеия 24h: -0.57 %, 7d: 3.39 %
Cегодня L: $70639.44 - H: $70757.67
Капитализация $1393.778b Rank 1
Цена в час новости $ 3464.23 (1941.44%)

near bitcoin levels trading btc price 650

Источник: newsbtc.com

near bitcoin → Результатов: 126


Bitmain’s Bitcoin Mining Company Evaluation is Near $12 Billion After New Funding

$12 Billion: The Value of Mining Giant Bitmain in the New Funding Round Bitmain, the Chinese bitcoin mining giant reportedly closed a Series B funding that valued the company at around $12 billion. Caixin, Chinese business media reported on Friday the equity financing was somewhere between $300 and $400 million, though it is still unclear […]

2018-7-7 23:43


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitfinex analysts predict Bitcoin surge as Dollar Index dips

Bitfinex analysts anticipate a bullish second half for Bitcoin as the Dollar Index's decline signals potential growth for the cryptocurrency. The post Bitfinex analysts predict Bitcoin surge as Dollar Index dips appeared first on Crypto Briefing.

Animoca Brands “comes to Bitcoin” with OPAL Protocol

Animoca Brands says Bitcoin is ready for Web3. The blockchain gaming giant will collaborate with Darewise and OPAL Protocol to launch a new era for gaming, DeFi and Web3 on BTC. BLIF, a new token of the OPAL Protocol, will power the ecosystem.

WOO unveils innovation hub focused on Bitcoin’s ecosystem

WOO plans innovation hub expansion to bolster Bitcoin’s ecosystem The new initiative will focus on projects bringing Bitcoin Layer-2s, RWA, DeFi, AI and DePIN to the Bitcoin ecosystem. WOO has announced plans aimed at using its innovation hub and the WOO token to power the next growth chapter for the Bitcoin (BTC) ecosystem.