Bitcoin Price Watch: BTC/USD Nosedives 15%, $4,000 Next?

Neutral Bitcoin Price Watch: BTC/USD Nosedives 15%, $4,000 Next?

Key Points

  • Bitcoin price fell significantly and declined below the $5,000 and $4,600 supports against the US Dollar.
  • There are two bearish trend lines formed with resistance near $4,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to accelerate losses towards the $4,200 and $4,000 levels in the near term.
Bitcoin price traded to multi month low below $4,500 against the US Dollar. BTC/USD could continue to decline towards the $4,000 support area.

Bitcoin Price Analysis

Yesterday, we discussed the chances of a new low below $5,200 in bitcoin price against the US Dollar. The BTC/USD pair did move down and broke the $5,200 and $5,000 support levels. The decline was such that the price fell more than 12% and broke the $4,600 support as well. Ethereum price also declined heavily below the $150 level, igniting bearish moves in the crypto market. However, ripple price remained stable and traded above $0.4800.

Recently, BTC formed a swing low at $4,695 and corrected higher. It moved above the $4,800 level, but upsides were limited. The price failed to climb above the 23.6% Fib retracement level of the last decline from the $5,567 high to $4,695 low. As a result, there was a fresh decline and the price declined below the $4,695 low. Sellers took control and pushed the price below the $4,500 support. Going forward, the price is likely to accelerate losses towards the $4,200 and $4,000 levels. On the upside, there are two bearish trend lines formed with resistance near $4,800 on the hourly chart of the BTC/USD pair.

Looking at the chart, bitcoin price is clearly under heavy selling pressure below $5,000. Any short term correction could face a lot of selling interest near $4,800 or $5,000.

Looking at the technical indicators:

Hourly MACD - The MACD for BTC/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) - The RSI is currently well below the 20 level.

Major Support Level - $4,200

Major Resistance Level - $5,000

11/20/2018 / 09:30:40 Source: newsbtc

Analysis | Technical | bitcoin | btc | | Trading|BTC|Market|Fiat
BTC
1 BTC=$3,490.70
XRP
1 XRP=$0.3087
ETH
1 ETH=$91.14
XUC
1 XUC=$2.11
EOS
1 EOS=$2.03
BCH
1 BCH=$97.32

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Negative
4.4%
Neutral
94.4%
Positive
0.9%
Mixed
0.2%

Latest comments:

4 min
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3 min
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2 min
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2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.