After the gains made back on Friday, in today’s Bitcoin news we find out that during the weekend trading session, the number one cryptocurrency dropped by 4.5 percent.
The recovery lost its track after reaching an intraday high at 3640-fiat. Today, we can see that the price dropped by approximately 4.4 percent confirming the weak bull run near the resistant area. At the time of the writing, bitcoin found a new support area and it is now trading at $3.429.
The BTC/USD rate is trading around $450 descending area. All of the traders, who believe that the price will remain inside this area, can place their bets when the pair starts to fluctuate within the parameters.
A break above the upper trendline can help the traders start a long position towards 3713-fiat which is a near-term upside target. If traders try to maintain a stop loss at $10 below the entry position, this will help minimize the losses if another pullback action happens again. Also, a break below the lower trendline could bring 3000-fiat as a possible downside level target.
According to the charts, Bitcoin is currently in the middle of a bear bias. It is very highly unlikely to grow out of it in the near term and it could be a quite a jump to form an inverse H&S pattern at this moment. The RSI indicator has stayed too long in the oversold area and the BTC/USD pair could see a recovery at last but it will be very difficult for it to firmly stand in an upside target level beyond 5000-fiat.
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