Wednesday last week was the day when Bitcoin dropped about $1000 in value from around $6300 to approximately $5300. The drop was followed by some days of trading within a range which signaled that another drop could follow. The next drop did follow, and Bitcoin hit a 2018 low just beneath $4200 yesterday.

Price has started to bounce from this level which is a better response from price action than trading sideways or in a range. If price were to begin trading in another range, it would make the execution of a bear flag more likely where price undergoes another significant drop.

Price is currently trading around $4400. Momentum is still strong with the sellers so traders should be aware of the possibility of price dropping to sub-$4k levels. The daily RSI is trading near historic lows along with the MACD continuing to diverge to the downside.

Some support will be anticipated around $4000 to $4200. The bounce which was seen in price met resistance around $4600. $4600 was anticipated to be a key support point while price action was depreciating, but the strength behind the drop resulted in it being an insignificant point.

$4600 was anticipated to be an important point due to significant trading activity taking place around here in 2017. Another point which significant trading activity took place was around $3000, and this would be the next key level to monitor if the price drops below $4000.

Brief Respite from Bitcoins Bearish Price Movements was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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