{"id":372710,"date":"2019-02-26T06:30:38","date_gmt":"2019-02-26T06:30:38","guid":{"rendered":"https:\/\/wncen.com\/?p=372710"},"modified":"2024-06-11T12:57:16","modified_gmt":"2024-06-11T12:57:16","slug":"bitcoin-price-watch-btc-recovery-wont-be-easy-above-3900","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-watch-btc-recovery-wont-be-easy-above-3900\/","title":{"rendered":"Bitcoin Price Watch: BTC Recovery Won\u2019t Be Easy Above $3,900"},"content":{"rendered":"
Bitcoin price started a decent recovery above $3,750 against the US Dollar. However, BTC is likely to struggle near the $3,900 resistance and it could later extend slides.<\/em><\/p>\n Yesterday, we saw a nasty decline from the $4,188 swing high<\/a> in bitcoin price against the US Dollar. The BTC\/USD pair traded sharply lower and broke the $4,000 and $3,800 support levels. It traded close to the $3,600 level and found support near $3,630. A base was formed and later the price recovered above the $3,700 resistance. There was a break above the 23.6% Fib retracement level of the recent decline from the $4,188 high to $3,628 low.<\/p>\n Buyers even managed to push the price above the $3,750 and $3,800 levels. However, the previous support at $3,860 acted as a strong resistance. At the outset, there is a short term ascending channel in place with resistance at $3,880 on the hourly chart of the BTC\/USD pair. The pair recently tested the channel support at $3,775 and bounced back. However, there are many hurdles on the upside, starting with $3,860. The main resistance zone is near the $3,880 and $3,900 levels.<\/p>\n Besides, the 50% Fib retracement level of the recent decline from the $4,188 high to $3,628 low is at $3,908 to act as a resistance. Finally, the 100 hourly simple moving average<\/a> is positioned near the $3,920 level. Therefore, it seems like there is a strong resistance formed near $3,900 and the 100 hourly SMA. Only a successful close above the $3,920 level could start a fresh upward move in the near term. If not, the price could resume its slide below the $3,750 support.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n