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Technical analysis

Bitcoin Price Forecast: Will BTCUSD Fail to Break Above $3,520 Resistance?

Amandeep Sonewane | Dec. 12, 2018
Bitcoin Price Forecast: Will BTCUSD Fail to Break Above $3,520 Resistance?

December 12, 2018 AtoZ Markets  - Bitcoin price has suffered a massive loss as it declined by more than 80% since its all-time peak. The hash-rate of the coin also collapsed by an approximate 20% when the price crashed to $3,200 a week ago. The market cap of Bitcoin at the time of press was $60.61 billion, with 24-hour trading volume of $4.6 billion.

Since the last week, the price of the coin has moved by -11.14% with a total volume of over $ 2.73 Billion. The highest price, $ 3,921.86, was on 05 December 2018 at 14:00 GMT while the lowest price, $ 3,248.00, was on 07 December 2018 at 19:00 GMT.

Bitcoin Technical Analysis

As per the technical charts, there were bearish moves below $3,500 in Bitcoin price against the USD. The BTCUSD pair recently settled below the $3,400 level and the 100 hourly SMA. A new intraday low was formed at $3,295 and later the price of the coin corrected a few points higher. On the upside, an initial resistance is near the 23.6% Fibonacci retracement level of the recent slide from the $3,635 highs to $3,295 lows.

Moreover, the first major resistance is near $3,420 level and the 100 hourly SMA. More importantly, this week’s followed key bearish trend line is in place with resistance at $3,440 on the hourly chart of the BTCUSD pair. Above the trend line, there is a solid resistance near $3,525 level. It coincides with the previous highs and the 50% Fibonacci retracement level of the recent slide. Therefore, a successful break above $3,500 level is needed for a recovery to the next resistance. On the other hand, if buyers continues to fail near $3,500 or the trend line, there could be a downside reaction.

In conclusion, Bitcoin price is likely to extend losses below the $3,360 if there is no break above $3,500. Further below $3,290, the price might even slide towards $3,100 level.

Bitcoin Daily Pivot Points

Bitcoin price has a significant daily support near $3,363 level and resistance near $3,528 level.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.