Bitcoin Declines Below $3,507


December 7, OctaFX – Bitcoin has tumbled a fresh 2018 trading low, as investor confidence towards cryptocurrencies continues to erode. The BTCUSD pair has fallen below the $3,507 support level, triggering a bearish head and shoulders pattern.

BTCUSD Technical Analysis

The downside projection for the bearish pattern is around $800.00, which would send the number one cryptocurrency well below the $3,000 support level.

  • The BTCUSD pair is strongly bearish while trading below the $3,507 level, key support is now located at the $3,000 and $2,700 levels.
  • If the BTCUSD pair moves above the $3,507 level, key resistance is found at the $3,800 and $4,000 levels.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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