[ad_1]
The bitcoin price is trading well above the US $ 3,500 support zone against the US dollar
There is a large uptrend channel formed with resistance of US $ 3,650 on the 4 hours of BTC / USD
The pair has to overcome resistance levels of $ 3,650 and $ 3,720 to gain ground in the short term.
The price of Bitcoin made some attempts to escape, but failed. The BTC / USD is expected to remain above $ 3,500 and $ 3,480 to avoid a break-down in the coming days.
Price Analysis
Last week, the price of bitcoin remained well above the $ 3,500 level against the US dollar. The BTC / USD pair rebounded and exceeded the resistance levels of $ 3,550 and $ 3,600. There was also a break above the $ 3,620 pivot.
Buyers pushed the price above the Fibonacci withdrawal level by 50%. However, the upward movement was limited by the resistance of $ 3,650 and the simple moving average of 100 (4 hours).
The price is currently trading well below the $ 3,600 level and the simple moving average of 100 (4 hours).
As a result, the price reduced earnings and was below the level of $ 3,600. ).
It traded up to $ 3,673 and fell below the $ 3,575 level. More importantly, there is a significant uptrend formed with resistance at $ 3,650 on the 4-hour chart of the BTC / USD pair. If there is a break under the channel support and € 3,500, the price can test € 3,480.
Looking at the chart, the price of BTC seems to be struggling to gain ground above $ 3,800, it could swing into a downtrend at $ 3,200.
$ 3,600 and $ 3,650. If there is a disruption greater than $ 3,650, the price is expected to increase to $ 4,000 in the near term.
BitcoinTrade
Download now the best crypto-currency platform app from Brazil. Register and check all new features of the tool on: www.bitcointrade.com.br
Source link
