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.

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