{"id":374402,"date":"2019-03-12T06:38:52","date_gmt":"2019-03-12T06:38:52","guid":{"rendered":"https:\/\/wncen.com\/?p=374402"},"modified":"2024-06-11T12:48:00","modified_gmt":"2024-06-11T12:48:00","slug":"bitcoin-btc-price-watch-key-reversal-could-trigger-additional-losses","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-watch-key-reversal-could-trigger-additional-losses\/","title":{"rendered":"Bitcoin (BTC) Price Watch: Key Reversal Could Trigger Additional Losses"},"content":{"rendered":"<ul>\n<li>Bitcoin price failed to hold the key $3,860 support and traded lower against the US Dollar.<\/li>\n<li>The price even broke the $3,840 support and settled well below the 100 hourly simple moving average.<\/li>\n<li>There was a break below a crucial ascending channel with support at $3,830 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could accelerate declines if there is a break below the $3,800 support area.<\/li>\n<\/ul>\n<p><em>Bitcoin price is under pressure below the $3,860 support against the US Dollar. BTC could reverse gains if sellers succeed in pushing the price below the $3,800 and $3,780 supports.<\/em><\/p>\n<h2>Bitcoin Price Analysis (BTC to USD)<\/h2>\n<p>After trading to a <a href=\"https:\/\/wncen.com\/2019\/03\/11\/bitcoin-btc-price-watch-bulls-target-fresh-monthly-highs\/\" target=\"_blank\" rel=\"noopener noreferrer \">new monthly high at $3,940<\/a>, bitcoin price started a fresh decline against the US Dollar. The BTC\/USD pair traded below the $3,900 and $3,860 supports to enter a short term bearish zone. There was also a close below the $3,860 support and the 100 hourly simple moving average. The price traded below the 61.8% Fib retracement level of the last leg from the $3,761 low to $3,940 swing high. It opened the doors for more losses below the $3,840 support.<\/p>\n<p>More importantly, there was a break below a crucial ascending channel with support at $3,830 on the hourly chart of the BTC\/USD pair. The pair extended losses and tested the $3,800 support level. At the moment, it is consolidating losses above the $3,800 support. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $3,911 high to $3,801 low. However, the main resistance is near the broken channel and the $3,860 level. Besides, the 50% Fib retracement level of the recent decline from the $3,911 high to $3,801 low is also near $3,856.<\/p>\n<p>Therefore, if there is an upside correction, the price is likely to face a <a href=\"https:\/\/wncen.com\/2019\/03\/10\/bitcoin-btc-price-analysis-trend-overwhelmingly-bullish\/\" target=\"_blank\" rel=\"noopener noreferrer \">strong resistance<\/a> near the $3,860 level. The next key resistance is near the $3,880 level and the 100 hourly SMA. On the downside, a break below the $3,800 support could open the doors for more losses. The next immediate support is at $3,780, below which the price could tumble towards the $3,700 level.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-374403\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-9.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-9.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-9.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-9.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-9.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-9.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-9.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/Bitcoin-9.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is slowly moving into the bearish zone, with a close below $3,860. If the price fails to move above $3,880 and $3,900, it is likely to extend losses below the $3,805 support in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is placed in the bearish zone, with a negative bias.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD moved below the 40 level, with a bearish angle.<\/p>\n<p>Major Support Levels \u2013 $3,800 followed by $3,780.<\/p>\n<p>Major Resistance Levels \u2013 $3,860, $3,880 and $3,900.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to hold the key $3,860 support and traded lower against the US Dollar. The price even broke the $3,840 support and settled well below the 100 hourly simple moving average. There was a break below a crucial ascending channel with support at $3,830 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could accelerate declines if there is a break below the $3,800 support area. Bitcoin price is under pressure below the $3,860 support against the US Dollar. BTC could reverse gains if sellers succeed in pushing the price below the $3,800 and $3,780 supports. Bitcoin Price Analysis (BTC to USD) After trading to a new monthly high at $3,940, bitcoin price started a fresh decline against the US Dollar. The BTC\/USD pair traded below the $3,900 and $3,860 supports to enter a short term bearish zone. There was also a close below the $3,860 support and the 100 hourly simple moving average. The price traded below the 61.8% Fib retracement level of the last leg from the $3,761 low to $3,940 swing high. It opened the doors for more losses below the $3,840 support. More importantly, there was a break below a crucial ascending channel with support at $3,830 on the hourly chart of the BTC\/USD pair. The pair extended losses and tested the $3,800 support level. At the moment, it is consolidating losses above the $3,800 support. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $3,911 high to $3,801 low. However, the main resistance is near the broken channel and the $3,860 level. Besides, the 50% Fib retracement level of the recent decline from the $3,911 high to $3,801 low is also near $3,856. Therefore, if there is an upside correction, the price is likely to face a strong resistance near the $3,860 level. The next key resistance is near the $3,880 level and the 100 hourly SMA. On the downside, a break below the $3,800 support could open the doors for more losses. The next immediate support is at $3,780, below which the price could tumble towards the $3,700 level. Looking at the chart, bitcoin price is slowly moving into the bearish zone, with a close below $3,860. If the price fails to move above $3,880 and $3,900, it is likely to extend losses below the $3,805 support in the near term. Technical indicators: Hourly MACD \u2013 The MACD is placed in the bearish zone, with a negative bias. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD moved below the 40 level, with a bearish angle. Major Support Levels \u2013 $3,800 followed by $3,780. Major Resistance Levels \u2013 $3,860, $3,880 and $3,900.<\/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-374402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Watch: Key Reversal Could Trigger Additional Losses<\/title>\n<meta name=\"description\" content=\"Bitcoin price is under pressure below the $3,860 support against the US Dollar. 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