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Technical analysis

BTCUSD Targets $3000 Mark: Will Bitcoin Price Turn Bearish Again?

Amandeep Sonewane | Dec. 10, 2018
BTCUSD Targets $3000 Mark: Will Bitcoin Price Turn Bearish Again?

December 10, 2018 AtoZ Markets  Bitcoin price is trading above the $3,500 mark after an attempt to recover above $3,600 on Sunday. All the crytpocurrencies has stabilized after the massive collapse to new month lows. However, the long term is still in the bearish zone.

Since the last week, Bitcoin price has dropped by -11.83% with a total volume of over $ 2.99 Billion. The highest price of the coin, $ 4,082.68, was on 04 December 2018 at 17:00 GMT while the lowest price, $ 3,248.00, was on 07 December 2018 at 19:00 GMT.

Bobby Lee Bitcoin Prediction for Near Future

Earlier many analysts predicted Bitcoin price in late 2017 that its value would go beyond $25,000 mark by the year end 2018. Bobee lee predicted its value in late 2018 and predicted to drop towards $2500 level.

A co-founder and board member of BTCC Chinese crypto exchange, Bobby Lee predicts that the price of Bitcoin in near future. His latest tweet explains that the history will repeats itself if the price of Bitcoin will reach the bottom of $2500 in next month 2019.

Additionally, institutional investors demonstrate the growing interest in cryptos. Thus, the fourth largest asset manager in the world is exploring possibilities to include altcoins in its custody services. However, many exchanges are expanding its functionality for institutional customers, citing growing demand.

Most recently, Binance have added sub-account feature to serve its corporate clients. A tweet from Binance exchange stated that:

 "We are thrilled to launch our long-anticipated Sub-Account Feature, bringing improved managerial control to institutional account holders."

Bitcoin Technical Analysis

Looking at the charts, there was a decent support base formed near the $3,350 level in Bitcoin price against the USD. The BTCUSD pair started an upward momentum and traded above the $3,400 and $3,500 resistance levels. The price of the coin even climbed above the 50% Fibonacci retracement level of the last decline from the $3,850 highs to $3,207 lows. Later on, there was a close above the $3,480 level and the 100 hourly SMA.

However, the price of Bictoin faced a solid resistance near the $3,600 and $3,620 levels. Moreover, there is a key bearish trend line in place with resistance at $3,590 on the hourly chart of the BTCUSD pair. The 61.8% Fibonacci retracement level of the last decline from the $3,850 high to $3,207 low is near $3,605 mark. Therefore, a break above the $3,600- 3,605 zone could push the price towards the next resistances at $3,650 and $3,700 levels.

Most importantly, a successful close of the price above the $3,700 pivot zone is needed for buyers to gain traction in the near term. However, for the long-term Bitcoin price is still in the bearish zone and sellers might gain traction.

In conclusion, the technical indicators are still displaying the bearish pressure for the near future. If the price fail to break the crucial resistances than a downward rally might strike again and the price might test $3000- $3200 in the upcoming days.

Bitcoin Weekly Pivot Points

Bitcoin price has a significant weekly support near $3,070 level and resistance near $4,145 level.

Think we missed something? Let us know in the comments section below.

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.