Bitcoin Price Analysis: BTC/USD in big trouble $3000 under threat
- Bitcoin down a chunky 6.5% in the latter part of Friday’s session.
- BTC/USD is gunning towards the big psychological $3000 mark, this is the next sought support.
Bitcoin price fast gunning towards the big psychological $3000 mark, with price seen down a whopping 6.5% in the latter part of Friday. As covered earlier, the danger was still at large, given consolidation behavior. https://www.fxstreet.com/cryptocurrencies/news/bitcoin-technical-analysis-btc-usd-danger-is-still-at-large-201812071440
BTC/USD price action was moving within a range-block. This came after the chunky drop at the back end of Thursday, which continued into Friday. There have been a number of industry calls for Bitcoin to bottom at the $3000 mark.
The next major area of support is as stated above, eyed at $3000. Should this area fail to see bulls re-stimulated, it could be catastrophic. Bitcoin is now down over 85% from the start of 2019, one of the longest declines in history.
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.
