Key Points Bitcoin price moved lower this past week and remained under a lot of bearish pressure versus the US Dollar. There was a crucial support trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD, which was broken during the downside move. The price traded as low as $560 and it looks like the bulls may continue to struggle. Bitcoin price weakened a lot during the past week against the USD. Going forward, it may continue to trade lower towards $550. Bitcoin Price Resistance Bitcoin price broke down this past week against the US Dollar, and posted losses. During the downside move, the BTC/USD pair broke a couple of important support levels including $575. Moreover, there was a crucial support trend line formed on the 4-hours chart (data feed from SimpleFX) of BTC/USD. The BTC sellers managed to gain momentum and took the pair lower towards the $560 level. The pair is currently attempting to correct higher. However, it is finding sellers near the broken trend line, which was a support earlier and now acting as a resistance. On the upside, the next hurdle is around the 23.6% Fib retracement level of the last drop from the $592 high to $561 low. The most important resistance is around the $572 level. It is a major pivot zone , and now coinciding with the 38.2% Fib retracement level of the last drop from the $592 high to $561 low. In my view, the BTC to USD may continue to range trade with a minor bearish bias. There is also a chance of BTC/USD testing the $550 level in the short term. Looking at the technical indicators: 4-hours MACD – The MACD is strongly placed in the bearish zone, which is not good for buyers. 4-hours RSI […]
