Bitcoin price analysis: BTC/USD refreshed 2018 low, $3,000 in sight

Bitcoin broke below $3,200 support.
Weak recovery implies that the sell-off may be resumed.

Tanya Abrosimova Independent Analyst

Bitcoin is changing hands at $3,232, down 4% since this time on Thursday. The first digital coin dropped to $3,192 during early Asian hours and refreshed 2018 low. The overall market sentiments remain bearish into the end of the week, implying that more losses might be in store for us.

Bitcoin's intraday technical picture

On the 4-hour chart, BTC/USD stays close to the lower border for a short-term downside channel. Despite a quick recovery from under $3,200 during early Asian hours, the price is still vulnerable to further losses as long as it stays under $3,300. This level served as a formidable support, though now turned into a critical short-term resistance. Once it is cleared, the recovery may gather pace with the next aim at $3,369 created by SMA50 (4-hour) and to psychological $3,400 handle, strengthened by the sloping short-term trendline.

The Relative Strength Index (RSI), stays close to the oversold territory, however, there are no signs of reversal as of yet. It means that BTC/USD may retest $3,200 and the recent low of $3,292 later during the day. The next critical support comes at $3,000, which is unlikely to be taken out at the first attempt.

BTC/USD, 4-hour chart

Author

Tanya Abrosimova

Independent Analyst

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