BTCUSD price has formed lower highs and found support around $4060, formed a descending triangle pattern. Here is the Bitcoin Price Weekly Analysis.
11 September, AtoZForex – Bitcoin (BTCUSD) is down 0.26% at $4,180.27.27 with a volume of $107.0k - $450.8M on the USD pairs. The Bitcoin price dropped approximately $500 in the last two days, the second time this has occurred due to the actions by Chinese regulators. Can the BTCUSD price recover by the end of this week?
Bitcoin Price Weekly Analysis
Bitcoin price dropped from $4,695 on September 8th to $4,180 today. The Chinese government would shut down exchanges within its market and thus the Bitcoin’s price fell to $4,075 within a few hours. The top three Chinese Bitcoin exchanges – OKCoin, Huobi, and BTCC – stated that the Chinese regulators are not going to ban the Bitcoin exchanges.
Currently trading at $4,180.27, the BTCUSD is close to 70 B market cap once again, with over $450 M worth of BTC exchanged in the USD markets during the last 24 hours. As usual, Japan is directing the markets in trading volume with a 46.50% market share.
BTCUSD 1M chart; source: Coindesk
Now coming to the Technicals, the BTCUSD is facing difficulty to move above the price level of $4,200 to $4,300. Thus, there is a possibility that Bitcoin may decline down to $3800-$3,500 this week. Furthermore, the 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. Stochastic is turning lower from the overbought zone to signal that selling pressure is returning. RSI is still on the move up so there may be some bullish momentum left for an actual test of resistance.
Moreover, the 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. Stochastic is turning lower from the overbought zone to signal that selling pressure is returning. Also, the RSI is neutral and the Bull/Bear power is very week i.e on the bearish side.
BTCUSD Weekly Pivot points
What do you think about the Bitcoin Price Weekly Analysis? Let us know in the comments section below.