Bitcoin BTC/USD testing critical levels again

Bitcoin price down a chunky 5% on Wednesday, yearly lows being tested again.
A breach of the $3800-500 range would likely see a high amount of selling pressure, causing a drop to test $3000 to the downside.

Ken Chigbo Independent Analyst

Bitcoin price is firmly on the back foot, danger is very much at larger with the current downside momentum, testing yearly lows. The $3800 down to $3500 price range is key, a failure to hold will see the price free-falling.

BTC/USD is down around 5% on Wednesday, having bounced at the areas of stabilization seen between 25th to 27th November. Buyers are defending this with much might, as the next major area not see until $3000.

Looking to the upside, this is very much capped by a descending trend line, that has been in play since 29th November. The resistance is tracking at $3950, a breach here could allow a wave of buying pressure to come into play.

BTC/USD 60-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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