Bitcoin: $3,000 is at risk, oversold RSI won't come to the rescue

Bitcoin sitting exactly at a key resistance line.
Ample downside from here, $3,000 at risk of breaking.

Manoj B Rawal Independent Analyst

Bitcoin, the largest cryptocurrency by market capitalisation is on the verge of breaking another psychologically important mark - $3,000, while the price is sitting exactly at a key resistance level on the medium term chart.

BTC/USD is up less than a percent on day at $3,308 on day on Bitfinex. On 240-minute chart, BTC is sitting exactly at the resistance line from where it has reversed quite a few times in the recent past and even now it won't be a cake walk for the bulls to cross past this barrier.

Temporary bottom can be found, though around $3,000, as mentioned by this author in the earlier article (read here) but that won't be just it and newer lows could be around the corner.

BTC/USD 240-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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