Bitcoin Price Weekly Analysis – 270.00 as Support

Key Highlights

  • Bitcoin price struggled to remain higher, as sellers managed to take the price lower.
  • There is a major support around 270.0 where the price found support once again this past week.

Bitcoin price corrected higher this past week, but found sellers around 300.00 which caused a downside reaction.

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We highlighted this past week that the price struggled to hold ground and showed signs of a downside move. There was a decline noted this past week, which took the price toward the 272.0 support area. The most important point is the fact that the correction phase in the Bitcoin price stalled around the 50% Fib retracement level of the last drop from 298.0 to 271.4. We can call this as the completion of a correction phase, as the price sets up for more losses in the near term.

Bitcoin price

Trend Line break

There was a major bullish trend line formed on the 4-hours chart of the Bitcoin price chart, which was breached by sellers this past week. The mentioned break

Read more ... source: TheBitcoinNews