MEXCBitcoin Price Analysis Jan 1: BTC Could Turn Bullish Above $3,800
Bitcoin price followed a bearish path below the $3,880 resistance against the US Dollar. BTC/USD needs to surpass the $3,800 resistance to move back in a bullish zone.
Important Points:
- Bitcoin price declined below the $3,800 and $3,760 support levels.
- BTC is following a major bearish trend line with resistance at $3,800 on the 2-hours chart.
- The price must break the trend line and $3,810 to move back in an uptrend.
Bitcoin Price Analysis
After a decent recovery from the $3,540 low, bitcoin price failed to gain momentum above the $3,900 resistance against the US Dollar. BTC/USD started a fresh decline and broke the $3,800 and $3,760 support levels.
The 2-hours chart indicates that the price topped near the $3,900 resistance level. Sellers took back control and pushed the price below the $3,840 and $3,800 support levels. There was also a close below the $3,800 the 100 simple moving average (2-hours).
More importantly, there was a break below the 50% Fib retracement level of the last wave from the $3,540 low to $3,900 swing high. However, the $3,650 support is currently acting as a solid support and preventing further declines.
The 76.4% Fib retracement level of the last wave from the $3,540 low to $3,900 swing high also acted as a support. Below $3,650, the price may continue to move down towards the $3,600 and $3,550 support levels.
On the upside, there is a solid resistance formed near the $3,800 and $3,810 resistance levels. There is also a crucial bearish trend line in place with resistance at $3,800 on the same chart.
Therefore, buyers need to push the price above the trend line and the $3,810 resistance levels to start afresh upward move. If there is a successful close above $3,810, the price may continue to move higher towards the $3,880 and $3,900 levels. The main resistance is near the $4,000 level where sellers may emerge.
Overall, bitcoin price is trading above the key $3,650 support. As long as the price is above the $3,650 and $3,600 supports, there could be an upside break above $3,800.
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