Bitcoin Price Key Highlights
- Bitcoin price continued to weaken during this past week as sellers remained under control and pushed the price lower.
- The price already declined towards 220.00, and the bearish pressure increase more losses are possible.
Bitcoin price remained under the bearish pressure this past week, which ignited a downside reaction.
We highlighted this past week that the price could continue to trade lower, and it is what happened. There was a monstrous decline in the Bitcoin price, as sellers were in control throughout the week. We also highlighted a bearish trend line this past week, which played its part well in acting as a resistance for the price. It is very likely that the same trend line might continue to act as a barrier for buyers. There was a major downside reaction noted this past week, as the price traded lower towards 220.00.
Heading towards 220.0?
We highlighted a bearish trend line recently, and it looks like it acting as a major barrier for buyers. There are many failures noted around the stated level and it is likely that the trend line could act as a pivot area moving ahead. The price is well below the 100 hourly simple moving average, which is a negative sign, and as long as the price is below the same more losses are likely.
The most interesting point is that the 100 hourly SMA is aligned with the bearish trend line, suggesting the amount of bearish pressure. If the price moves higher from the current levels, then an initial resistance can be seen around the 50% fib retracement level of the last fall from the 270.00 high to 221.00 low.
Intraday Support Level – 220.00
Intraday Resistance Level – 245.00
Overall, selling rallies close the highlighted trend line and resistance area is a good deal.
Charts courtesy of Trading View
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