Bitcoin Price Analysis #4 – BTC/USD Meets Resistance at $3664 and Heads Lower. Can the Bulls Defend $3569 Once Again to Prevent Fresh 2019 Lows?

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Bitcoin Price Analysis

Bitcoin has seen a small price increase totalling 0.3% over the past 24 hours of trading, bringing the current trading price up to around $3609, at the time of writing. The cryptocurrency has now seen a small price drop totalling -1.97% over the past 7 trading days with a further -4.78% price decline over the past 30 trading days.

What is the market cap of Bitcoin?

Bitcoin currently has a total market cap value of $62.82 billion and has seen an increase in volume to around $5.10 billion over the past 24 hours of trading.

BTC/USD – SHORT TERM – 4HR CHART

https://www.tradingview.com/x/hB6hZnS1/

What’s been going on?

Since our last analysis, we can see that Bitcoin has rebounded from the support at the short term downside 1.272 Fibonacci Extension level (drawn in blue) priced at $3569.

Where are we now?

The market bounced and begin to climb higher but had stalled at resistance provided by the short term .618 Fibonacci Retracement level (drawn in green) priced at $3664. The market has since rolled over and started to decline to where it is currently trading at $3609.

What is the current trend?

The current trend for the market is NEUTRAL until Bitcoin breaks above or below the current trading range.

If Bitcoin breaks below $3569, we can consider the market to be bearish in the short term. If the market breaks above the $3664 handle, we can consider the market to be bullish in the short term.

Where can we go from here?

If the bears keep pressuring BTC/USD to head lower, we can expect immediate support toward the downside to be located at the short term downside 1.272 FIbonacci Extension level (drawn in blue) priced at $3569.

Further support below this can then be expected at the short term downside 1.414 Fibonacci Extension level (drawn in blue) priced at $3508. This is followed by further support at the short term .786 Fibonacci Retracement level (drawn in green) priced at $3467.

If the market continues to head even further lower, there is more support at the short term downside 1.618 Fibonacci Extension level (drawn in blue) priced at $3421.

What If the bulls push price action above $3664?

If the bulls manage to regroup and begin to push price action higher for BTC/USD, we can expect immediate resistance above to be located at the short term .618 Fibonacci Retracement level (drawn in green) priced at $3664.

Further resistance toward the upside will then be expected at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $3851. This is followed by higher resistance at the short term 1.414 and 1.618 Fibonacci Extension levels (Drawn in purple) priced at $3896 and $3942, respectively.

What are the technical indicators showing?

The RSI is trading below the 50 handle and looks to want to head further lower which indicates that the bearish momentum is building. If the RSI continues to head southward we can expect BTC/USD to head further below the support at $3569.

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