- Bitcoin price failed to break the $ 4,080 resistance level and declined recently against the US Dollar.
- Yesterday’s highlighted two key bearish trend lines are active with resistance near $ 4,000 and $ 4,090 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price remains in a major downtrend and it could extend losses below $ 3,800 in the near term.
Bitcoin price is still in a bearish zone below $ 4,020 against the US Dollar. BTC/USD could accelerate losses once there is a break below the $ 3,740 support.
Bitcoin Price Analysis
Yesterday, we discussed that bitcoin price could face a solid resistance near $ 4,080 and $ 4,150 against the US Dollar. The BTC/USD pair recovered recently above the $ 3,920 resistance. There was even a break above the 50% Fib retracement level of the last slide from the $ 4,199 high to $ 3,737 low. However, the upside move was capped by the key $ 4,080 resistance area and the 100 hourly simple moving average.
The price failed near $ 4,080 and the 61.8% Fib retracement level of the last slide from the $ 4,199 high to $ 3,737 low. A fresh decline was initiated and the price moved below $ 4,000 and $ 3,920. It is currently trading near the $ 3,800 support, with a bearish angle. On the downside, an immediate support is near $ 3,740, below which the price may even break the $ 3,700 support zone. On the upside, there are many hurdles near the $ 4,000 level. Moreover, yesterday’s highlighted two key bearish trend lines are active with resistance near $ 4,000 and $ 4,090 on the hourly chart of the BTC/USD pair.
Looking at the chart, bitcoin price is clearly trading in a major downtrend below $ 4,020 and $ 4,080. As long as there is no close above $ 4,150, there could be consistent declines in BTC.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now well below the 40 level.
Major Support Level – $ 4,020
Major Resistance Level – $ 3,740