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- The price of bitcoin fell sharply below the support level of $ 5,280 against the US dollar.
- The price has even fallen below the support level of US $ 5,000 and is currently consolidating above US $ 5,100.
- A major uptrend line is in place with $ 5,080 support on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
- The pair could rebound as long as there is no weekly close below the $ 5,000 support level.
The price of bitcoin began to consolidate its losses after a sharp decline against the US dollar. It is likely that BTC will recover more than $ 5,200 and $ 5,280 in the short term, unless $ 5,000 yields.
Bitcoin Price Weekly Analysis (BTC)
Last week, the price of bitcoin was strongly rejected, close to the $ 5,660 level against the US dollar. The BTC / USD pair began a sharp decline below USD 5,400 after the Tether drama. The price fell below key support levels of $ 5,280 and $ 5,200. There was even a peak below $ 5,000, plus a lower than the simple moving average (4 hours). A lower swing was formed near the $ 4,910 level and recently, the price has rebounded above $ 5,000 and $ 5,050.
For the moment, the course is testing the 50% Fib retracement level from the last fall, from $ 5,510 to $ 4,910. However, the area of $ 5,220 and the simple moving average (4 hours) is an obstacle. Above $ 5,220, there is a major resistance close to $ 5,280 and a downtrend line. The Fib retracement level of 61.8% from the last drop, from the low of $ 5,510 to $ 4,910, is also close to the $ 5,280 level. A successful close above the $ 5,280 level could trigger a decent recovery in the near term.
On the downside, a major uptrend line is in place, with $ 5,080 support on the 4-hour chart of the BTC / USD pair. The support of the trend line close to $ 5,080 is very important, below which the price could test $ 5,000. If the daily close is less than $ 5,000, the price will probably go further in a bearish zone. In the case mentioned, the price will probably be tested at $ 4,800 or $ 4,750.
Looking at the chart, the price of bitcoin was facing a strong selling interest below $ 5,400. However, he managed to stay above the $ 5,000 support. As a result, there are chances of recovery above the $ 5,280 resistance levels. If the closing is above $ 5,280, chances are you'll be $ 5,400 or $ 5,500.
Technical indicators
4 hours MACD – The MACD for BTC / USD moves slowly in the bullish zone.
RSI (relative strength index) 4 hours – The RSI for BTC / USD has returned above the 40 level, with some positive signs.
Major Support Level – $ 5,050
Major resistance level – $ 5,280
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