Speculations and Fear are working perfectly to bring BTC price down. This will help elite investors to benefit yet again on a market which was meant for everyone. In future mainly only super rich will hold BTC and we will not be able to buy them.
I will be buying more Bitcoin in range of $1250-$1500. Get ready for more shopping.
Bitcoin Price Breaks Down:
This past week was mostly bearish for Bitcoin price, as it moved below the $2400 support area against the US Dollar. It seems like the pair failed to hold the same and settled below $2400. There was a sharp downside move, as the pair traded below the $2250 and $2100 support levels.
At the moment, the price is trading near another crucial support at $1900 - $2000. Buyers are struggling to hold $2000, which is why BTC remains at risk. The $2000 support is very important, especially a daily close above or below $2000. If the price manages to avoid a daily close below $2000, there are strong chances of a recovery. On the other hand, if there is a close below $2000, there can be more declines towards $1800.
On the upside, there is a bearish trend line at $2150 on the 4-hours chart. Moreover, the 38.2% Fib retracement level of the last decline from the $2396 high to $1958 low might also act as a hurdle near $2125. Selling rallies near $2125-2150 may be considered in the short term.
Looking at the technical indicators:
4-hours MACD (Moving average convergence divergence )– The MACD is heavily bearish and signaling more declines.
4-hours RSI (Relative Strength Index) – The RSI is attempting a recovery from the oversold levels.
Major Support Level – $2000
Major Resistance Level – $2150