Bitcoin Price Watch: BTC Runs Into Crucial Resistance, What’s Next?

Bitcoin price climbed higher sharply after diving below the $3,480 support level against the US Dollar.
Yesterday’s highlighted key bearish trend line is intact with resistance near $3,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is facing a crucial resistance near $3,600, above which it could rally towards $3,700 or $3,750.

Logarithmic Growth Curve Charts Bitcoin Price At $170K in 2028
Monday December 09, 2019

Bitcoin price predictions are all over the map, with some expecting the price to reach zero, while others expect beyond a million dollars per BTC. One cryptocurrency analyst has charted the asset using a...

The post Logarithmic Growth Curve Charts Bitcoin Price At $170K in 2028 appeared first on 12bitplay - Bitcoin Play.

Bitcoin price is showing positive signs above the $3,520 level support against the US Dollar. Having said that, BTC is struggling to clear the key $3,600 resistance level.
Bitcoin Price Analysis
Yesterday, we discussed the chances of more losses below the $3,500 level in bitcoin price against the US Dollar. The BTC/USD pair did decline below the $3,500 and $3,480 support levels. The pair spiked towards the $3,450 level and later bounced back. Buyers were successful in pushing the price back above $3,480 and $3,500. It can be considered as a false break since there was no hourly close below $3,480. The recent recovery was solid above $3,550 and the 50% Fib retracement level of the downside move from the $3,700 swing high to $3,465 low.
However, the price ran into a significant resistance near $3,600 and the 100 hourly simple moving average. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance near $3,600 on the hourly chart of the BTC/USD pair. Finally, the 61.8% Fib retracement level of the downside move from the $3,700 swing high to $3,465 low is also acting as a hurdle. Therefore, there are two possible scenarios, with the pivot level at $3,600. First, the price breaks the trend line and $3,600 to start a solid upward move. Second, buyers fail to gain traction above $3,600, resulting in a drop back to $3,500.

Former Circle Head: Tether Didn’t Manipulate Bitcoin Price, 2017 Rally Was Legit
Wednesday December 04, 2019

Former Circle Head, Dan Matuszewski, now co-founder of trading firm, CMS Holdings, discusses Tether. In particular, why Tether was not the primary driving force behind 2017’s bitcoin bull run, and a declaration that Tether...

The post Former Circle Head: Tether Didn’t Manipulate Bitcoin Price, 2017 Rally Was Legit appeared first on 12bitplay - Bitcoin Play.

Looking at the chart, bitcoin price seems to be trading near a crucial juncture at $3,600. There are high chances of more gains, but it won’t be easy for buyers to clear the $3,600 barrier.
Technical indicators
Hourly MACD – The MACD for BTC/USD is slowly moving back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently placed nicely above the 50 level.
Major Support Level – $3,500
Major Resistance Level – $3,600
The post Bitcoin Price Watch: BTC Runs Into Crucial Resistance, What’s Next? appeared first on NewsBTC.

Bitcoin (BTC) Trading Near Make-or-Break Levels
Friday December 06, 2019

Bitcoin price is still trading above the $7,200 and $7,240 support levels against the US Dollar. The price is struggling to climb above the $7,440 and $7,500 resistance levels. There is a major breakout...

The post Bitcoin (BTC) Trading Near Make-or-Break Levels appeared first on 12bitplay - Bitcoin Play.

You may also like...