Bitcoin: All hell breaks lose, 3k in sight

BTC breaks another key level - $4k.
$3,000 is well in sight.

Manoj B Rawal Independent Analyst

Bitcoin, the largest cryptocurrency by market capitalization has got itself freed towards the downside in a fall that sees no bottom. Any news whether positive or negative doesn't seem to be affecting the poster boy of the crypto world, which has got itself badly trapped in the bears' grip.

BTC/USD is down nearly 4 percent on the day at $3,646 and more than 15 percent in the last 24 hours - enough sign of rising volatility for the crypto. BTC broke another psychologically important key level of $4,000 during the US trading session.

Key levels to watch on the downside now is all the way close to $3,000, based a descending trendline on the 180-minute chart and also coincides a level of - $3,156 where Bitcoin's 200 weeks simple moving average placed after the bears successfully managed to break 200 weeks EMA this week.

BTC/USD 180-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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