Bitcoin price analysis: BTC/USD refreshed 2018 low, $3,000 in sight
|- Bitcoin broke below $3,200 support.
- Weak recovery implies that the sell-off may be resumed.
Bitcoin is changing hands at $3,232, down 4% since this time on Thursday. The first digital coin dropped to $3,192 during early Asian hours and refreshed 2018 low. The overall market sentiments remain bearish into the end of the week, implying that more losses might be in store for us.
Bitcoin's intraday technical picture
On the 4-hour chart, BTC/USD stays close to the lower border for a short-term downside channel. Despite a quick recovery from under $3,200 during early Asian hours, the price is still vulnerable to further losses as long as it stays under $3,300. This level served as a formidable support, though now turned into a critical short-term resistance. Once it is cleared, the recovery may gather pace with the next aim at $3,369 created by SMA50 (4-hour) and to psychological $3,400 handle, strengthened by the sloping short-term trendline.
The Relative Strength Index (RSI), stays close to the oversold territory, however, there are no signs of reversal as of yet. It means that BTC/USD may retest $3,200 and the recent low of $3,292 later during the day. The next critical support comes at $3,000, which is unlikely to be taken out at the first attempt.
BTC/USD, 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.