Bitcoin Price Analysis: BTC/USD not if but when $3000 comes under serious threat

BTC/USD remains firmly in the control of the market bears, down over 3% on Tuesday.
Should a breach be seen of the $3300 area, then $3000 will be under serious threat of a breach.

Ken Chigbo Independent Analyst

The Bitcoin price continues to come under pressure on Tuesday, no mercy being shown from the bears, in a sea of red. Towards the latter stages of the session, nursing losses of over 3%, no sign of a slowdown.

BTC/USD bears are pressing for a retest of the recent bottom area and stabilization, which has been seen through 7th December right up to today, Tuesday 11th. A breach of the $3300 territory will likely expose a retest of the big $3000 mark.

Technically, given current momentum the big $3000 level could come under threat of being breached to the downside. The next area after this would naturally be eyed now at $2500, which has not been seen since July 2017.

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.

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