Bitcoin (BTC) Price Watch: The market presents the latest chance for buyers

  • The Bitcoin Prize struggled to climb over $ 3,990 and $ 4,000 resistance levels against the US dollar.
  • The price went back and reassessed the key area $ 3,940 support and the 100 hour SMA.
  • There is a short term bearish trend line in place with resistance of $ 3,980 on the hourly chart of the BTC / USD pair (data feed from Kraken).
  • Buyers may have the latest opportunity for a refurbishment over $ 4000 resistance.

The Bitcoin price holds an important support close to $ 3,940 against the US dollar. BTC is likely to make the next move over $ 4,000 or below the $ 3,900 support level.

Bitcoin Price Analysis

Yesterday we saw the start of a downside correction in the bitcoin price from $ 4,041[ads1] high against the US dollar. The BTC / USD pair lowered and traded below the $ 4,020 and $ 4,000 support levels. It was a pause below the 23.6% Fib retracement level of the last wave from $ 3,846 low to $ 4,041 high. Also, it was close to the $ 4000 support, and the price tested the $ 3,940 support.

More importantly, the 50% Fib retracement level from the last wave from $ 3,846 low to $ 4,041 high served as a strong support. Sellers made two attempts to remove the $ 3,940 support, but they failed to gain strength. Similarly, buyers pushed the price above the $ 3,980 level, but they struggle to keep the price in a positive zone. The price was recently rejected near the $ 3,980 level. It is currently moving lower and it can try the support area of ​​$ 3,940.

It seems that buyers can have the last chance of a refurbishment over the $ 4000 opposition. There is also a short-term bearish trend line in place with resistance of $ 3,980 on the hourly chart for the BTC / USD pair. Therefore, buyers must remove the trend line and $ 4000 resistance for a fresh upward movement. If they fail, there may be a sharp decline in support of $ 3,940. Also, a close below $ 3,940 support and the 100-hour SMA can raise the price to $ 3,900 or $ 3,880 support.

 Bitcoin Price Analysis BTC Chart

Looking at the chart, the bitcoin price is clearly approaching the next break either over $ 4000 resistance or below the $ 3,940 support. As long as the price is over 100 hours of SMA, there are chances of a refurbishment of over $ 4,000. The next key opponent is $ 4,040, followed by $ 4,100.

Technical Indicators:

Monthly MACD – MACD moves slowly into the bullish zone.

Relative Strength Index (RSI) – The BTC / USD RSI recently tested the 40 level, and it is now moving toward 50.

Larger support levels – $ 3,940 followed by $ 3,900.

Large Resistance Levels – $ 3.980, $ 4000, and $ 4.040.

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