Bitcoin Price Analysis: BTC Could Side To $3,120 or $3,020

Bitcoin Price Analysis
Chart Source By TradingView, Binance

Bitcoin Price Analysis: BTC Could Side To $3,120 or $3,020

Bitcoin price remained in a downtrend below $3,390 and declined below $3,300 against the US Dollar. BTC/USD could accelerate losses towards $3,120 or $3,020.

Important Points:

  • Bitcoin price is currently trading below the $3,390 and $3,440 resistance levels.
  • BTC/USD is following a major bearish trend line with resistance at $3,360 on the 2-hours chart.
  • BTC price may continue to decline and it could test $3,120 or $3,020.

Bitcoin Price Analysis

There is a clear declining pattern from the $3,660 swing high in bitcoin price against the US Dollar. BTC/USD traded lower and formed a couple of swing highs near the $3,500 and $3,440 levels, and it recently declined below $3,40.

The 2-hour chart indicates that the price topped recently near the $3,480 and $3,500 resistance levels. More importantly, there was a break below the 76.4% Fib retracement level of the last leg from the $3,223 low to $3,660 high.

Bitcoin Price Analysis
Chart Source By TradingView, Binance

The price recently broke the $3,300 support level and it seems like there could be more losses below the $3,240 level in the near term. An initial support is near the $3,223 low, below which the price may slide towards the $3,120 level.

The $3,120 level represents the 1.236 Fib extension level of the last leg from the $3,223 low to $3,660 high. On the upside, there is a major resistance is around the $3,380 level.

There is also a major bearish trend line with resistance at $3,360 on the same chart. Therefore, a break above the $3,360 and $3,390 resistance levels is needed for a successful upward move. More importantly, there is a crucial barrier near $3,440 and the 100 simple moving average (2-hours).

Should there be a successful close above $3,440 and the 100 SMA, the price may move into a positive zone. On the flip side, the price could accelerate losses below the $3,223 low towards the $3,120 or $3,020 level.

Overall, bitcoin price remains at a major risk of a breakdown below $3,223. The MACD is gaining pace, which is a strong bearish sign below $3,360 and $3,390.

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Bitcoin Price Analysis: BTC Could Side To $3,120 or $3,020
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Bitcoin Price Analysis: BTC Could Side To $3,120 or $3,020
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Bitcoin price remained in a downtrend below $3,390 and declined below $3,300 against the US Dollar. BTC/USD could accelerate losses towards $3,120 or $3,020.
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Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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