Price Analysis: Will BTC-USD Break the Psychological $450 Level?

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Bitcoin is little changed on today’s opening price, up 0.61% currently trading at $445.70 on the BitStamp exchange. The 4-hour chart below illustrates bullish dominance throughout the most recent trading sessions, but this move could be running out of steam as indicated by the fractal sell level formed recently at $446.37. The most recent session displays a doji candlestick which indicates indecision among market participants and could foretell a change in trend. Moreover, the price action is testing the resistance area indicated by the Ichimoku cloud. Therefore we could see the market tend toward the support levels at the conversion (blue) line, base (dark-red) line and fractal support at $435.00.

Currently the conversion line offers minor support at $443.18; a 4-hour session close below the conversion line will indicate bearish momentum. After this level, the base line offers support at $440.68 presently. If this level fails to hold as support then further bearish momentum is anticipated. The fractal support at $435 will be a key level to watch going forward and could the area where a downward trend may finish. If this level is broken then this will open up fractal supports

Read more ... source: TheBitcoinNews

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