{"id":370213,"date":"2019-02-04T06:45:31","date_gmt":"2019-02-04T06:45:31","guid":{"rendered":"https:\/\/wncen.com\/?p=370213"},"modified":"2024-06-11T13:33:19","modified_gmt":"2024-06-11T13:33:19","slug":"bitcoin-price-watch-btc-primed-for-more-declines-below-3350","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-watch-btc-primed-for-more-declines-below-3350\/","title":{"rendered":"Bitcoin Price Watch: BTC Primed For More Declines Below $3,350"},"content":{"rendered":"
Bitcoin price moved back in a bearish zone below $3,440 against the US Dollar. BTC price might correct a few points, but upsides are likely to face sellers near $3,440 or $3,475.<\/em><\/p>\n This past week, bitcoin price made a couple of attempts to break the $3,475-$3,500 resistance<\/a> against the US Dollar. However, the BTC\/USD pair failed to gain strength above $3,480 and started a fresh decline. It declined below the $3,440 support and the 100 hourly simple moving average. Moreover, there was a break below the 50% Fib retracement level of the last leg from the $3,345 swing low to $3,493 high. It opened the doors for more losses below the $3,400 support level.<\/p>\n More importantly, there was a break below a connecting bullish trend line with support at $3,420 on the hourly chart of the BTC\/USD pair. The pair traded as low as $3,389 and it is currently correcting higher. It tested the 23.6% Fib retracement level of the recent decline from the $3,493 high to $3,389 low. However, there are many resistances, starting with $3,425 and the 100 hourly SMA. The next key resistance is near the $3,440 level. It represents the 50% Fib retracement level of the recent decline from the $3,493 high to $3,389 low. Having said that, the main resistance is near the $3,475-$3,500 area, above which the price might break $3,500<\/a>.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n