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The price of bitcoin has recently fallen to $ 3,560 against the US dollar
There is an uptrend line formed with $ 3,680 support on the BTC's 4-hour chart /
USD The pair currently maintains critical support and can recover above US $ 3,800 and US $ 3,900.
The price of Bitcoin keeps support up close to $ 3,600. BTC / USD is expected to resume bullish movement above US $ 4,000 in the near term.
Price Analysis
Last week, the price of bitcoin began to drop sharply from the level of $ 4,235. . The BTC / USD pair is traded below support levels of between $ 4,000 and $ 3,800. However, the price found supported almost $ 3,550 and then began an upward movement. Most importantly, the price was higher than the $ 3,500 pivot level and the single moving average of 100 (4 hours).
The price rose above $ 3,800 and the Fibonacci withdrawal level by 50%. However, the price did not offset the resistance area of $ 3,980 and $ 4,000. In addition, the Fibonacci retraction level of 61.8% also served as resistance.
Finally, a bullish trend curve is established with support at $ 3,680 on the four-hour chart of the BTC / USD pair. There was another negative move, but the $ 3,675 level was a support. If there is a break below the trend line, the price will drop to $ 3,550 or $ 3,500.
Looking at the graph, the price of the BTC seems to be trading above the major support levels close to $ 3,600. On the benefits side, buyers need to release resistance levels of $ 3,900 and $ 4,000 for more gains. The next big resistance is close to the levels of $ 4,080 and $ 4,200.
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