Bitcoin price dropped again and broke the support level at $3,550

Technical Analysis

Strategy: Short

  • 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.

Weekly Chart

Daily Chart

4 Hour Chart

Analysis by Vincenzo Stefanini

Charts by Trading View

Prices based on Bitstamp

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