Bitcoin Price Analysis: BTC Might Drop Beneath $4,800 Again If It Breaks THIS Short Term Trend Line

• Bitcoin dropped by a total of 10% over the past 24 hours as it pushes back beneath $6,000.
• The cryptocurrency is currently trading above a short term trend line but if it breaks we might see Bitcoin heading beneath $4,800.

Well, it seems that the bears are back in town as Bitcoin drops by a total of 10% today as it penetrates back beneath the $6,000 level once again. The cryptocurrency was looking like it was on the road to recovery over the past couple of days, however, it was unable to overcome resistance at $7,170 which caused it to roll over and fall. 

It is currently trading above a short term trend line but if it breaks we might see Bitcoin returning beneath $5,000 and possibly make some fresh lows for March.

Bitcoin Price Analysis

BTC/USD – 4HR CHART – SHORT TERM

Market Overview

Taking a look at the 4HR chart above we can clearly see Bitcoin running into the resistance at $7,174 provided by a bearish .618 Fib Retracement. It was really unable to climb above $6,700 which caused it to roll over and drop back into previous resistance (now support) provided by a bearish .382 Fib Retracement priced at $5,911.

Short term prediction: NEUTRAL/BEARISH

Bitcoin remains neutral but a break of the trend line is likely to put it bearish again.

If the sellers push beneath $5,911 and the rising trend line, the first level of support is located at $5,786 (short term .5 Fib Retracement). This is then followed by support at $5,550, $5,467 (short term .618 Fib Retracement), $5,200, and $5,000.

If the sellers continue beneath $5,000, support lies at $4,800, $4,577 (downside 1.272 Fib Extension), $4,139, and $4,000.

On the other hand, if we climb above $6,000, resistance lies at $6,174, $6,400, $6,542, $6,700, and $7,000.

Key Levels

Support: $5,911, $5,786, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436..

Resistance: $6,000, $6,174, $6,542, $6,700, $6,800, $7,000, $7,174, $7,200, $7,270, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.