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The price of bitcoin has struggled to exceed the $ 4,240 level and has recently fallen relative to the US dollar.
Price Analysis
Yesterday, bitcoin was traded close to the US dollar at the end of trading.
Price is currently trading at $ 3,850 and could fall to $ 3,500. level of 4,250 USD against the US dollar. The BTC / USD pair struggled to break through the $ 4,240 level and then began a negative correction. He broke the support of $ 4,000 and the simple moving average of 100 hours.
More importantly, there was a dip below an uptrend line with a $ 4,020 support on the BTC / USD pair time chart. . The pair even surpbaded the $ 3,788 minimum and found itself in the short term. In case of further decline, the price could test the support at $ 3,620. Below $ 3,620, the next stop for sellers could be close to the $ 3,500 level, which coincides with the 1.618 Fibonacci extension level. On the other hand, if there is a positive correction, the price will likely be close to the resistance levels of $ 3,850 and $ 3,980.
Looking at the graph, the price of bitcoin is clearly close to the US level. $ 4,240. The price of the BTC could extend the fall to less than $ 3,600, but it should remain above $ 3,500 to kick-start a new uptrend. Otherwise, it could decrease to $ 3,200.
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