{"id":372355,"date":"2019-02-22T06:35:23","date_gmt":"2019-02-22T06:35:23","guid":{"rendered":"https:\/\/wncen.com\/?p=372355"},"modified":"2024-06-11T13:33:38","modified_gmt":"2024-06-11T13:33:38","slug":"bitcoin-price-watch-btc-bulls-and-bears-lock-horns-for-next-break","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-watch-btc-bulls-and-bears-lock-horns-for-next-break\/","title":{"rendered":"Bitcoin Price Watch: BTC Bulls And Bears Lock Horns For Next Break"},"content":{"rendered":"
Bitcoin price is still facing a strong resistance near the $4,000 zone against the US Dollar. BTC bears and bulls locked horns as the price prepares for the next key break.<\/em><\/p>\n Yesterday, we discussed about a possible upside acceleration above $4,000<\/a> in bitcoin price against the US Dollar. The BTC\/USD pair did gain traction and broke the last swing high near $3,972. It traded close to the $4,000 resistance, but failed to gain strength. A new weekly high was formed at $3,985 and later the price declined sharply. The decline was such that the price broke the $3,950 and $3,940 support levels.<\/p>\n More importantly, there was a break below a connecting bullish trend line with support at $3,925 on the hourly chart of the BTC\/USD pair. The pair traded close to the $3,860 support, where buyers emerged. A low was formed at $3,864 and the price is currently correcting higher. It moved above $3,900 and the 23.6% Fib retracement level of the recent decline from the $3,985 high to $3,864 low. However, the price is facing resistance near the previous support at $3,925.<\/p>\n Besides, the 50% Fib retracement level of the recent decline from the $3,985 high to $3,864 low is acting as a resistance. It seems like there is an ascending channel in place with resistance at $3,930. A successful break above the channel and $3,940 could push the price towards the $3,970 level. On the downside, an initial support is near the $3,870 level and the 100 hourly simple moving average. The main support is at $3,860<\/a>, below which the price could test the $3,830 level in the short term.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n