Bitcoin Price Weekly Analysis – Can It Bounce Back?

Key Highlights

  • Bitcoin price struggled this past week, and traded close to the $380-60 support area where it found buyers.
  • There is a major support trend line formed on the daily chart with the data feed from HitBTC, which prevented a downside break
  • Looking at the hourly chart, there is likely an inverse head and shoulders pattern forming that may ignite an upside move.

Bitcoin price is having a tough time, but there is a chance that it may bounce back in the near term as long as the $360 support area holds.

100-day MA as Resistance?

There was a downside reaction this past week for Bitcoin price, as it traded towards the $380 support area. There is a bullish trend line formed on the daily timeframe chart (data feed from HitBTC), which acted as a hurdle for sellers and managed to prevent any additional downsides. The highlighted trend line and support area may play a huge role for Bitcoin price in the short term. However, there are a few negative signs emerging as well. The most important one is the fact that the price is now below the 100-day simple moving average (daily chart via the data feed from HitBTC).

Read more ... source: TheBitcoinNews