Bitcoin still fell slightly below the critical support level of $ 3,200. The market now is probably in the worst position this year. Even if a rollback with the latest drain does take place, the growth of cryptocurrencies are unlikely to extend above the resistance zone of $ 3375.
The General situation looks like this:
- asset failed to consolidate above support and fell to 3200 dollars over the past two days;
- the 1 hour chart took a dip below the support line of a local narrowing of the triangle;
- the price of bitcoin has heralded a new week low near $ 3150 dollars.
At the moment Bitcoin is trading at 3237 dollars. For the past day the coin fell to 5.5 percent.
Earlier, we have already admitted the possibility of reducing the price of the asset to the annual minimum. Yesterday, this scenario became a reality: Bitcoin broke the lower line of the triangle, and again rushed down. Two support lines in the area of 3295 and 3260 dollars are unable to withstand the onslaught of the bears. Price said a new week low of 3,150 USD. While even a minimal response from the buyers there.
The pair is now trading significantly below the 100 SMA even at the scale of 1-hourly chart. This is a sure sign of the continued downtrend, which is not going to end.
What can we expect in the coming days? First, a bearish rally need a “recharge”, so soon there can be a rollback. Second, the rollback will face serious resistance on the line 3375 dollars. If breakout is not, may be held another rapid drain is below $ 3,000.
While this hypothesis is also confirmed by the testimony of technical indicators. MACD is still in bearish zone and RSI is below average.
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