November 23, 2018 AtoZ Markets - Bitcoin price isn’t doing well and breaking crucial supports after every dip. The king of cryptocurrency has crashed repeatedly over the past several days and is now stands at $4,400 level. As per the data from coinmarketcap.com, Bitcoin price is trading near $4,400 level with the 24-hours volume of $2.06 Billion. At the time of press, the coin has a market cap of $76.3 Billion.
Bitcoin Technical Analysis
As per the yesterday's charts, there was a tiny upside correction above the $4,500 level in Bitcoin price against the USD. The price of the coin even breaks the $4,600 resistance zone and remained well below the $4,700 pivot area. Later, the price started to move downward and traded below the $4,500 and $4,400 support levels. It is currently trading well below the $4,500 level and the 100 hourly SMA.
The price also dropped below the 61.8% Fibonacci retracement level of the last wave from the $4,048 lows to $4,600 highs. the recent bearish momentum has opened the doors for more losses below the $4,250 support level. It seems like the price may soon test the last swing low at $4,048 level.
If the sellers gain traction, there are high chances of a downside break below the $4,000 handle in the near term. The next support is placed near the $3,900 level. Also, it coincides with the 1.236 Fibonacci retracement level of the last wave from the $4,048 low to $4,600 high. Below this, the price of the coin might perhaps decline towards the $3,800 level.
In conclusion, Bitcoin price is clearly under bearish pressure below $4,400 levels. If sellers remain in action in the short term, there might be a sharp decline below $4,000 handle.
- RSI(14) is valued above 50 which signals "Sell" action in daily time-frame.
- William%R – "Oversold" signal on the daily time-frame.
- MACD(12,26) – "Sell" signal in daily charts.
- ATR(14) – signals that Bitcoin is less volatile.
Bitcoin Pivot Points
Bitcoin price has a significant support near $4,250 levels and resistance near $4,600 levels.
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