Bitcoin Price Weekly Analysis – Continuous Decline

Bitcoin Price Key Highlights

  • Bitcoin price continued to move lower as buyers faced a lot of hurdles on the upside.
  • On the downside, there is a major support around the last swing low of 260.00.

Bitcoin price continued to struggle to trade higher, and there is a chance of a break lower in the near term.

We highlighted this past week that the price might continue to trade lower, as there was a major resistance formed around 275.00. The price did move lower, and tested a critical support area of 260.00. Now, there is a crucial trend line formed on the hourly chart, which is acting as a resistance on the upside. As long as the price is below the highlighted trend line on the hourly chart, there is a possibility of a move lower.

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More Losses Ahead

As mentioned there is a critical bearish trend line formed on the hourly chart, which acted as a hurdle on the upside.  If the price moves higher from the current levels, then an initial resistance can be seen around the 38.2% fib retracement level of the last fall from the 285.00 high to 260.00 low. The Upper Bollinger Band is around the trend line resistance area. A break above highlighted trend line resistance area could take the price towards the 100 hourly SMA, which is sitting around the 61.8% Fib level. In short, there are many hurdles on the upside and buyers might struggle to take the price higher.

On the downside, the last low of 260.00 is a critical support area, and if sellers manage to clear it more declines towards the next support area at 250.00.

Intraday Support Level – 260.00

Intraday Resistance Level – 270.00

Overall, selling rallies close the highlighted trend line and resistance area is a good idea.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012