{"id":372622,"date":"2019-02-25T06:00:05","date_gmt":"2019-02-25T06:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=372622"},"modified":"2024-06-11T12:56:44","modified_gmt":"2024-06-11T12:56:44","slug":"bitcoin-price-watch-btc-breakdown-might-be-the-real-deal","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-watch-btc-breakdown-might-be-the-real-deal\/","title":{"rendered":"Bitcoin Price Watch: BTC Breakdown Might Be The Real Deal"},"content":{"rendered":"<ul>\n<li>Bitcoin price found a strong resistance near the $4,190 level and later declined against the US Dollar.<\/li>\n<li>The price declined sharply and broke the $4,000 and $3,900 support levels.<\/li>\n<li>There was a break below a major bullish trend line with support at $3,940 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair traded towards the $3,600 support level and it is currently correcting higher<\/li>\n<\/ul>\n<p><em>Bitcoin price nosedived below the $3,900 support against the US Dollar. BTC bears are in control and it seems like recoveries could face a strong resistance near $3,900 and $4,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the weekly analysis, we saw a <a href=\"https:\/\/wncen.com\/2019\/02\/24\/bitcoin-price-weekly-analysis-btcs-bullish-break-looks-real-towards-4500\/\" target=\"_blank\" rel=\"noopener \">solid upward move<\/a> above the $4,000 resistance in bitcoin price against the US Dollar. The BTC\/USD pair even broke the $4,100 resistance area. It traded to a new monthly high at $4,189, where sellers emerged. It seems like the price was rejected near the $4,190 resistance. As a result, there was a sharp bearish reaction below the $4,150 and $4,100 support levels. Sellers gained pace and pushed the price below the key $4,000 support level.<\/p>\n<p>During the decline, there was a break below a major bullish trend line with support at $3,940 on the hourly chart of the BTC\/USD pair. The pair even settled below the $3,900 support and the 100 hourly simple moving average. Finally, there was a break below the $3,700 support and the price traded towards $3,600. A new weekly low was formed at $3,624 and later the price corrected higher. It broke the 23.6% Fib retracement level of the recent decline from the $4,189 high to $3,624 low.<\/p>\n<p>The current price action is bearish and it seems like <a href=\"https:\/\/wncen.com\/2019\/02\/22\/bitcoin-price-watch-btc-bulls-and-bears-lock-horns-for-next-break\/\" target=\"_blank\" rel=\"noopener \">upsides are likely to be capped near $3,860<\/a>. However, the main resistance is near the $3,900 level. Besides, the 50% Fib retracement level of the recent decline from the $4,189 high to $3,624 low is near the $3,910 level. Above $3,900, the price could face resistance near $3,950 and the 100 hourly SMA. More importantly, a break above the main $4,000 hurdle won\u2019t be easy for buyers.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-372623\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-20.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-20.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-20.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-20.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-20.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-20.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-20.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-20.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a>, bitcoin price made a sharp U-turn below the $4,000 and $3,900 support levels. It could correct higher in the short term, but the previous supports at $3,860 and $3,900 might prevent gains. On the downside, an initial support is at $3,680, below which the price may decline below $3,600.<\/p>\n<h2>Technical indicators<\/h2>\n<p>Hourly MACD \u2013 The MACD could move back in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering from 20 and it could test 45.<\/p>\n<p>Major Support Level \u2013 $3,680 followed by $3,600.<\/p>\n<p>Major Resistance Level \u2013 $3,860, $3,900 and 3,950.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price found a strong resistance near the $4,190 level and later declined against the US Dollar. The price declined sharply and broke the $4,000 and $3,900 support levels. There was a break below a major bullish trend line with support at $3,940 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair traded towards the $3,600 support level and it is currently correcting higher Bitcoin price nosedived below the $3,900 support against the US Dollar. BTC bears are in control and it seems like recoveries could face a strong resistance near $3,900 and $4,000. Bitcoin Price Analysis In the weekly analysis, we saw a solid upward move above the $4,000 resistance in bitcoin price against the US Dollar. The BTC\/USD pair even broke the $4,100 resistance area. It traded to a new monthly high at $4,189, where sellers emerged. It seems like the price was rejected near the $4,190 resistance. As a result, there was a sharp bearish reaction below the $4,150 and $4,100 support levels. Sellers gained pace and pushed the price below the key $4,000 support level. During the decline, there was a break below a major bullish trend line with support at $3,940 on the hourly chart of the BTC\/USD pair. The pair even settled below the $3,900 support and the 100 hourly simple moving average. Finally, there was a break below the $3,700 support and the price traded towards $3,600. A new weekly low was formed at $3,624 and later the price corrected higher. It broke the 23.6% Fib retracement level of the recent decline from the $4,189 high to $3,624 low. The current price action is bearish and it seems like upsides are likely to be capped near $3,860. However, the main resistance is near the $3,900 level. Besides, the 50% Fib retracement level of the recent decline from the $4,189 high to $3,624 low is near the $3,910 level. Above $3,900, the price could face resistance near $3,950 and the 100 hourly SMA. More importantly, a break above the main $4,000 hurdle won\u2019t be easy for buyers. Looking at the chart, bitcoin price made a sharp U-turn below the $4,000 and $3,900 support levels. It could correct higher in the short term, but the previous supports at $3,860 and $3,900 might prevent gains. On the downside, an initial support is at $3,680, below which the price may decline below $3,600. Technical indicators Hourly MACD \u2013 The MACD could move back in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering from 20 and it could test 45. Major Support Level \u2013 $3,680 followed by $3,600. Major Resistance Level \u2013 $3,860, $3,900 and 3,950.<\/p>\n","protected":false},"author":67,"featured_media":344597,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-372622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Watch: BTC Breakdown Might Be The Real Deal<\/title>\n<meta name=\"description\" content=\"Bitcoin price nosedived below the $3,900 support against the US Dollar. 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