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Technical analysis

Hitting 2018 Lows, Will Bitcoin Price Drop Below $3000 Handle?

Amandeep Sonewane | Dec. 14, 2018
Hitting 2018 Lows, Will Bitcoin Price Drop Below $3000 Handle?

December 14, 2018 AtoZ Markets  - Bitcoin price has revisited its lowest level in 2018. After a week of down trend and failure to break above the key resistance levels this latest plunge comes as no surprise for the traders. With a 5% slide in Bitcoin price from $3,450 level down to $3,284 during intraday trading. This repeats the yearly low the coin have made almost a week ago on December 8, 2018.

According to Coinmarketcap data, Bitcoin price dropped sharply around 19.00 GMT after spending most of the week above $3,400 zone. Bitcoin has slipped down to $3,400 mark, losing about 85 % of its value since its all-time high. The last time, Bitcoin went this low was in mid-September, 2017.

Bitcoin Technical Analysis

Looking at the charts, Bitcoin price hits a fresh weekly low below $3,250 against the USD. The BTCUSD pair did trade lower and broke the $3,271 support level. The price of the coin even broke the $3,250 zone to signal a major bearish wave. A new weekly low was formed at $3,241 level and it seems like the price remains in a significant downtrend.

Moreover, during the decline there was a break below a major contracting triangle with support at $3,355 on the hourly chart of the BTCUSD pair. The BTCUSD pair is now trading well below the $3,400 daily pivot point and the 100 hourly SMA. The price of Bitcoin recently corrected above the $3,300 level and the 23.6% Fibonacci retracement level of the last slide from the $3,491 high to $3,241 low. However, buyers struggled to clear the $3,265-$ 3,300 resistance zone.

The next major hurdle for intraday traders is near the $3,360 level. It coincides with the 61.8% Fibonacci retracement level of the last slide from the $3,491 swing high to $3,241 swing low. Besides, the triangle resistance trend line is at $3,375 to prevent gains.

In conclusion, Bitcoin price is clearly trading in a bearish zone below $3,375 level. There might be more losses below $3,188 and $3,055 supports in the near term.

Bitcoin Daily Pivot Points

Bitcoin price has a significant daily support near $3,271 level and resistance near $3,488 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.