Bitcoin Price Analysis: BTC/USD is in serious trouble if it breaks $3500 again
- BTC/USD trading with minor gains late on Friday, after being hammered on Thursday.
- Market is stuck within consolidation mode, ahead of next confirmed committed trend.
Bitcoin price in the latter part of trading on Friday was trading in minor positive territory, by some 0.50%. The market is somewhat stuck within consolidation mode, this coming after a highly volatile session on Thursday.
BTC/USD price action is moving within a range-block formation, via the 4-hour chart view. The price is hovering around the lower part of this mentioned structure, bottom is seen around $3600-3500. A breach here could open up another large wave of selling.
Should the above support be broken, a fast fall to the big psychological $3000 price area would likely be seen. BTC/USD was last seen trading at these depressed levels in mid-December. The danger of the bear market still looms.
BTC/USD 4-hour 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.
