{"id":373108,"date":"2019-03-01T06:30:12","date_gmt":"2019-03-01T06:30:12","guid":{"rendered":"https:\/\/wncen.com\/?p=373108"},"modified":"2024-06-11T12:56:51","modified_gmt":"2024-06-11T12:56:51","slug":"bitcoin-price-watch-btc-confined-in-tiny-ranges-below-key-resistance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-watch-btc-confined-in-tiny-ranges-below-key-resistance\/","title":{"rendered":"Bitcoin Price Watch: BTC Confined In Tiny Ranges Below Key Resistance"},"content":{"rendered":"
Bitcoin price is stuck in tiny ranges below the $3,860 resistance against the US Dollar. BTC could correct lower, but dips remain supported above the $3,740 and $3,720 levels.<\/em><\/p>\n This week, we saw a strong resistance near the $3,860 level in bitcoin price against the US Dollar. The BTC\/USD pair made a couple of attempts to break the $3,860 resistance<\/a>, but it failed. There was even a bearish reaction below $3,700, but the price quickly recovered after trading as low as $3,651. It bounced back and settled above the $3,800 support level. Recently, there was a sharp upward move above the $3,860 resistance, but buyers failed to gain pace.<\/p>\n A swing high was formed at $3,885 and later the price trimmed gains. It broke the 23.6% Fib retracement level of the recent wave from the $3,651 low to $3,885 high. However, the $3,770 and $3,760 levels acted as supports. Besides, the 50% Fib retracement level of the recent wave from the $3,651 low to $3,885 high acted as a support. At the moment, the price is trading near the $3,800 support and the 100 hourly simple moving average<\/a>. More importantly, there is a short-term ascending channel in place with support at $3,800 on the hourly chart of the BTC\/USD pair.<\/p>\n The pair might break the channel support, but it could find support near the $3,750 or $3,740 level. The latter support represents the 61.8% Fib retracement level of the recent wave from the $3,651 low to $3,885 high. On the upside, the main resistance is at $3,860, followed by the $3,900 barrier. A successful close above $3,900 may perhaps open the doors for more upsides towards the $4,000 and $4,050 levels.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h2>\n