- As expected from the previous analysis, Bitcoin price dropped again and broke the support level at $3,550
- This is confirming our bearish view
- Bitcoin is currently testing the $3,550 level. If the bulls are able to push the price well above this level, it will be a bullish signal (in the short term), otherwise, it will confirm the bearish view and the prices might drop further until the next support level at $3,150
- A weekly close (Sunday’s UTC close) below the 200-week MA of $3,266 would open the doors for a deeper drop below $3,000.
4 Hour Chart
Analysis by Vincenzo Stefanini
Charts by Trading View
Prices based on Bitstamp