Bitcoin Price Weekly Analysis: Cautiously Bullish BTC, $3,900 Presents Resistance

Bitcoin price corrected lower sharply after trading towards the $4,200 resistance against the US Dollar.
The price declined below the $3,860 support area and tested the $3,620 support zone.
There is a short term ascending channel or bear flag formed with resistance at $3,900 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could slowly move higher as long as it is above the $3,760 and $3,720 supports.

Crypto Analyst: Bitcoin Price Boredom Ends With Break of $9K or $12K
Tuesday September 17, 2019

Bitcoin price action has gone stagnant, causing volatility to disappear, and turning trader’s attention to toward altcoins like Ethereum and Ripple which are finally having some time in the limelight. But for the leading...

The post Crypto Analyst: Bitcoin Price Boredom Ends With Break of $9K or $12K appeared first on 12bitplay - Bitcoin Play.

Bitcoin price started consolidating losses below $3,860 against the US Dollar. BTC/USD could rise again as long as there is no daily close below the $3,720 support level in the near term.
Bitcoin Price Analysis
After a sharp rally above the $4,000 level, bitcoin price faced sellers near the $4,190-4,200 zone against the US Dollar. The BTC/USD pair declined heavily and broke the $4,000 and $3,860 support levels. There was a close below the $3,860 support and the price spiked below the $3,650 support level. It traded close to the $3,620 support level and recovered later. More importantly, there was no close below the $3,720 support and the 100 simple moving average (4-hours).
The last swing low was formed at $3,628 and the price climbed above $3,760. It broke the 23.6% Fib retracement level of the last decline from the $4,191 high to $3,628 low. There was a proper close above the $3,760 level and the 100 simple moving average (4-hours). However, the price struggled to break the key $3,860 resistance (the previous main support). At the outset, there is a short term ascending channel or bear flag formed with resistance at $3,900 on the 4-hours chart of the BTC/USD pair.
The pair could slowly move higher towards the channel resistance and $3,890. The 50% Fib retracement level of the last decline from the $4,191 high to $3,628 low is also near the channel resistance. Therefore, it won’t be easy for buyers to clear the $3,900-3,910 resistance area. If there is a proper close above $3,900, the price may rally towards the $4,000 barrier. On the downside, an initial support is at $3,760 and 100 simple moving average (4-hours). If there is a daily close below the $3,720 support, the price could move into a bearish zone towards $3,620 and $3,560.

FED Cuts Rates Again, Floods US Markets by Bitcoin Market Cap Equivalent
Thursday September 19, 2019

Things are going from bad to worse for the US financial system as it slides ever closer to recession. As bearish signals mount up the Federal Reserve found itself needing to step in again...

The post FED Cuts Rates Again, Floods US Markets by Bitcoin Market Cap Equivalent appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, BTC price seems to be consolidating below the key $3,860 and $3,900 resistance. Until the price is below $3,900, there is a risk of another drop. Therefore, buyers seem to be cautiously bullish, but it might change if the price closes below $3,720.
Technical indicators
4 hours MACD – The MACD for BTC/USD is slightly in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently flat near the 50 level.
Major Support Level – $3,720
Major Resistance Level – $3,900
The post Bitcoin Price Weekly Analysis: Cautiously Bullish BTC, $3,900 Presents Resistance appeared first on NewsBTC.

Ripple Price (XRP) Retreating From $0.32 But Approaching Supports
Thursday September 19, 2019

Ripple price extended gains and traded towards the $0.3250 resistance area against the US dollar. The price is currently correcting sharply and is trading below the $0.3000 support area. There was a break below...

The post Ripple Price (XRP) Retreating From $0.32 But Approaching Supports appeared first on 12bitplay - Bitcoin Play.

You may also like...