Bitcoin Price Weekly Analysis –BTC/USD Under Bearish Pressure

Key Points

  • Bitcoin price recovered a few points recently against the US Dollar, but later found resistance near $590.
  • There was a crucial contracting triangle pattern formed on the hourly chart (data feed from SimpleFX) of BTC/USD, which was cleared by sellers for a downside move.
  • An hourly close below it could ignite further losses in BTC/USD in the short term.

Bitcoin price broke a major support area against the US Dollar, and if the current trend remains intact, there can be more losses in BTC/USD.

Bitcoin Price Sell

Bitcoin price after trading as low as $578 against the US Dollar recovered and corrected higher to trade near $590 where it found sellers. The price traded close to the 50% Fib retracement level of the last drop from the $602 high to $578 low. It acted as a resistance along with the 100 hourly simple moving average. The BTC/USD failed to break it and started moving down.

The price formed a crucial contracting triangle pattern formed on the hourly chart (data feed from SimpleFX) of BTC/USD. After a consolidation phase the price moved down, and broke the triangle support area. So, technically, it looks like the pair completed a short-term correction, and moved

Read more ... source: TheBitcoinNews

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