Bitcoin Price Weekly Analysis – BTC/USD To Correct Lower?

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Key Points

  • Bitcoin price after trading as high as $758 started correcting lower against the US Dollar.
  • Recently, there was a break below a bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD.
  • The price is also below the 100 simple moving average, calling for further correction waves.

Bitcoin price recently corrected once against the US Dollar, but it looks like the BTC/USD pair may correct further towards the $680 level.

Bitcoin Price Resistance

BTC price gained recently to trade as high as $758 against the US Dollar where it found sellers and moved down. The downside move was sharp, and took the price towards the $665 level. Afterwards, there was a correction initiated during which the price traded above the 50% Fib retracement level of the last drop from the $758 high to $665 low.

However, the wave failed and could not gain momentum. There was a rejection around the 76.4% Fib retracement level of the last drop from the $758 high to $665 low. So, it looks like the price made a higher-low and turned down. It recently broke a bullish trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. It can be considered

Read more ... source: NewsBTC USA

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