Bitcoin Price Weekly Analysis –BTC/USD Remains Under Pressure

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Key Points

  • Bitcoin price moved lower this past week and remained under a lot of bearish pressure versus the US Dollar.
  • There was a crucial support trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which was broken during the downside move.
  • The price traded as low as $560 and it looks like the bulls may continue to struggle.

Bitcoin price weakened a lot during the past week against the USD. Going forward, it may continue to trade lower towards $550.

Bitcoin Price Resistance

Bitcoin price broke down this past week against the US Dollar, and posted losses. During the downside move, the BTC/USD pair broke a couple of important support levels including $575. Moreover, there was a crucial support trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. The BTC sellers managed to gain momentum and took the pair lower towards the $560 level.

The pair is currently attempting to correct higher. However, it is finding sellers near the broken trend line, which was a support earlier and now acting as a resistance. On the upside, the next hurdle is around the 23.6% Fib retracement level of the last drop from the $592 high to $561


Read more ... source: NewsBTC USA

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