Bitcoin Price Technical Analysis For 03/30/2016 – BTC Breakout Vs USD

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Key Points

  • Bitcoin price found offers intraday, and as highlighted in yesterday’s post, the $425 resistance area acted as a perfect barrier for the bulls.
  • BTC/USD broke a crucial support trend line on the hourly chart (data feed from Bitstamp), which ignited sharp losses.
  • The price found support near $408 and currently attempting to regain the bullish bias.

Bitcoin price collapsed against the US Dollar, and broke a major support area. Can BTC/USD recover and regain bids moving ahead?

Bitcoin Price – 100 SMA as Resistance

Bitcoin price attempted to settle above the $425-426 yesterday, but failed to gain traction. I highlighted in yesterday’s post that the stated level is a major resistance area and it is not worth the risk. BTC moved down sharply versus USD, and the worst part was the fact that the price broke a crucial support trend line on the hourly chart (data feed from Bitstamp).

There was a sharp decline once the price closed below the trend line support area, as 100 hourly simple moving average was also positioned near it. The highlighted break may be crucial, as it might give a reason for the bears to take charge and attempt to take the price down once again.

Read more ... source: TheBitcoinNews

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