Bitcoin Price Weekly Analysis – Rebound Likely Over

Key Highlights

  • The Bitcoin price recently corrected higher after declining close to the ¥1800 level.
  • It looks like the price has completed the correction phase and may start trading lower once again.
  • There was a major support trend line formed on the hourly chart (price feed from BTCChina), which was broken to ignite a downside move.

Bitcoin price rebound from the ¥1811 low is likely completed and it may start to move lower if sellers gain momentum.

Bitcoin Price Weekly Analysis Bitcoin Price Weekly Analysis

Retest of ¥2000 Likely?

The Bitcoin price managed to gain bids near the ¥1800 support area and managed to recover some ground. However, it looks like the recovery is now over and the price may start to move lower once again. The price recently tested a monster confluence resistance area of ¥2200 where the 100 hourly simple moving average (MA) along with the 50% Fib retracement level of the last drop from the ¥2550 high to ¥1811 low prevented the upside. There was a bullish trend line formed on the hourly chart, which was breached recently to encourage sellers to take the price

Read more ... source: NewsBTC USA