Bitcoin Price Watch: BTC/USD Facing Major Resistance Near $4,150

Key Points

  • Bitcoin price declined further below $ 3,900 and traded towards the $ 3,750 level against the US Dollar.
  • There are two important bearish trend lines in place with resistance near $ 4,080 and $ 4,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to face a lot of offers near the $ 4,100-4,150 resistance area in the near term.

Bitcoin price declined towards the $ 3,750 level against the US Dollar. BTC/USD is recovering, but it could find a strong resistance near $ 4,080 or $ 4,150.

Bitcoin Price Analysis

Yesterday, we discussed that bitcoin price remains sell near the $ 4,200 level against the US Dollar. The BTC/USD pair did trade lower recently and broke the $ 3,950, $ 3,900 and $ 3,880 support levels. The price even traded below the $ 3,800 level and settled below the 100 hourly simple moving average. A new weekly low was formed at $ 3,734 before the price bounced back.

There was a decent recovery above the $ 3,800 and $ 3,880 levels. The price also moved above the 23.6% Fib retracement level of the recent decline from the $ 4,288 high to $ 3,734 low. However, there are many resistances on the upside near the $ 4,100-4,150 zone. Moreover, there are two important bearish trend lines in place with resistance near $ 4,080 and $ 4,150 on the hourly chart of the BTC/USD pair. An initial resistance is near the $ 4,010 level and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $ 4,288 high to $ 3,734 low is also at $ 4,011.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading below many important resistances near $ 4,100. As long as there is no close above $ 4,150, BTC may decline once again. On the downside, an initial support is at $ 3,880 followed by $ 3,750.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD moved back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI jumped back above the 50 level.

Major Support Level – $ 3,750

Major Resistance Level – $ 4,150

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Analysis – NewsBTC

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