Bitcoin price monitoring (BTC): the market presents its last chance to buyers

• The price of bitcoin struggled to exceed resistance levels of $ 3,990 and $ 4,000 against the US dollar.
• The price fell again and retested the key support area of ​​$ 3,940 and ADM every 100 hours.
• A short term downtrend line is in place with resistance at USD3,980 on the BTC / USD time chart (data feed from Kraken).
• Buyers may have the last chance to exceed US $ 4,000 in resistance.

The price of bitcoins remains close to $ 3,940 against the US dollar. BTC is likely to spend above $ 4,000 or below the $ 3,900 support level.

Bitcoin price analysis

Yesterday we witnessed the beginning of a downward correction of the price of bitcoin from the record high of 4 041 against the US dollar. The BTC / USD pair was corrected downward and traded below support levels of $ 4,020 and $ 4,000. There was a break below the Fib retracement level of 23.6% from the last wave, from the lowest level of $ 3,846 to $ 4,041. In addition, support was lower than the support of $ 4,000 and the price tested support of $ 3,940.

Most importantly, the 50% Fib retracement level of the last wave, from $ 3,846 to $ 4,041, was a strong support. Vendors have twice tried to clear the $ 3,940 support, but they have failed to strengthen. Similarly, buyers pushed the price above the $ 3,980 level, but struggled to keep it in a positive zone. The price has recently been rejected near the $ 3,980 level. It is currently down and could retest the support area of ​​$ 3,940.

It seems that buyers may have the last chance to overcome the resistance of $ 4,000. A short-term downtrend line is also in place with resistance at $ 3,980 on the BTC / USD time chart. Therefore, buyers must clear the trend line and resistance of $ 4,000 for a new bullish movement. In case of failure, there could be a sharp decline below the support area of ​​$ 3,940. In addition, a closing of USD 3,940 and the ADM every 100 hours could raise the price to USD 3,900 or USD 3,880.

Looking at the graph, the bitcoin price is clearly approaching the next breakout, above the resistance of $ 4,000, or below the support of $ 3,940. As long as the price is higher than the ADM every 100 hours, there is a chance for a break up above $ 4,000. The next key resistance is $ 4,040, followed by $ 4,100.

Technical indicators:

Hourly MACD – The MACD moves slowly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD recently tested level 40 and is currently moving towards 50.

Key levels of support – $ 3,940, followed by $ 3,900.

Main levels of resistance – $ 3,980, $ 4,000 and $ 4,040.