- Bitcoin price managed to recover some ground this past week, but found resistance near a major level at $420.
- There is a bearish trend line formed on the 4-hours chart (data feed from Bitstamp), which acted as a barrier for the price.
- The price also struggled to clear the 100 simple moving average on the 4-hours chart, which is a bearish sign.
Bitcoin price climbed higher this past week. However, it failed right around a major resistance area, which is now calling for a decline.
Bitcoin Price- Sell Near 100 SMA?
Bitcoin price attempted to recover this past week, and it succeeded to a great extent, as it moved above the $400 level. However, the upside was stalled near a major resistance area of $420. There is a bearish trend line formed on the 4-hours chart (data feed from Bitstamp), which prevented the upside move and pushed the price down once again.
The most important point to note is the fact that the $420 level represents a major confluence resistance area. The 100 simple moving average on the 4-hours chart is positioned around it. Moreover, the 61.8% Fib retracement level of the last drop from the $442 high to $382 low is also