Bitcoin Price Watch: BTC Could Retest $3,600 Before Buyers Reappear
Bitcoin price failed on many occasions to break the key $3,860 resistance level against the US Dollar.
The price started a downward move and broke the $3,800 and $3,760 support levels.
There was a break below a declining channel with resistance at $3,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is trading in a bearish zone and it could decline further below $3,700 and $3,680.
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Bitcoin price failed to climb above key resistances and declined against the US Dollar. BTC is likely to retest the key $3,600 support area before it could bounce back above $3,800.
Bitcoin Price Analysis
This past week, we saw many rejections near the $3,900 and $3,860 resistances in bitcoin price against the US Dollar. The BTC/USD pair topped near the $3,860 level and later started a downward move. It broke the $3,800 and $3,760 support levels to move into a bearish zone. The recent decline was crucial as the price settled below the $3,800 level and the 100 hourly simple moving average. The decline was such that the price even broke the $3,720 support level.
Moreover, there was a break below a declining channel with resistance at $3,800 on the hourly chart of the BTC/USD pair. Finally, a new intraday low was formed near $3,692. In the short term, there could be a minor upside correction towards $3,760 or $3,750. The 50% Fib retracement level of the recent decline from the $3,805 high to $3,692 low is near the $3,748 level to act as a resistance. However, the main resistance is near the $3,800 level and the channel upper trend line.
An intermediate resistance is near the $3,775 level. It coincides with the 76.4% Fib retracement level of the recent decline from the $3,805 high to $3,692 low. Therefore, if the price corrects higher, it could struggle to clear the $3,760, $3,775 and $3,800 resistance levels. The main hurdle for buyers remain near $3,860, above which the price may move into a bullish zone.
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Looking at the chart, bitcoin price is slowly declining towards the $3,680 and $3,650 support levels. If sellers remain in action, there are even chances of more losses below the $3,640 level. The key support is at $3,600, where buyers are likely to take a stand. On the other hand, to start a decent uptrend, the price must clear the $3,800 and $3,860 resistance levels.
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD declined heavily and it seems to be heading towards the 15 level.
Major Support Level – $3,650 followed by $3,600.
Major Resistance Level – $3,760, $3,775 and 3,800.
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