Bitcoin prices climbed further and once broke through $5,400.
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Before the price of the currency fell, it hit a new high of 5,461 US dollars.
In the downturn, Bitcoin fell below the important uptrend channel this week, with support at $5,240.
The price of the currency fell below $5,240, and the current decline may widen to $5,070 and $4,960.
Bitcoin price analysis
Yesterday, we discussed the possibility of Bitcoin breaking through $5,400. Bitcoin did break through $5,400 and set a new high. The currency price even broke through the high of $5,450, hitting $5,461. However, shortly after, there was a strong bearish reaction to the price, with Bitcoin falling below the support levels of $5,380, $5,320 and $5,280.
During the decline, Bitcoin also fell below the 50% Fibonacci retracement of the last volatility (from a low of $5,151 to a high of $5,461). In addition, during the downturn, Bitcoin fell below this important uptrend channel this week, with support at $5,240. The pair even fell below $5,200 and 100-hour SMA. The final price fell below the last volatility of the 76.4% Fibonacci retracement (from a low of $5,151 to a high of $5,461). Bitcoin tested again the last low near $5,150 and is currently picking up.
However, at this time the support level of the trend line of $5,240 and the 100-hour SMA showed resistance. If the seller moves further, Bitcoin is also likely to fall below the volatility low of $5,151. The next support is at $5,075. The price coincides with the last fluctuation of the 1.236 FIB extension level (from a low of $5,151 to a high of $5,461). If the currency price falls further, Bitcoin will likely fall below $5,000. The next major support is at $4,960, and Bitcoin may encounter a large number of buyers at this price.
As you can see from the chart, Bitcoin has the risk of falling. If the price wants to start further, it must break through $5,280 and 100-hour SMA.
Technical indicator signal
MACD per hour – MACD is accelerating the pace in the bearish range
RSI per hour – RSI drops sharply below 50
Main support level – $5,150 and subsequent $5,075
Main resistance levels – $5,240, $5,280 and $5,320 above
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Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.