Bitcoin below $ 3800. For the first time since September 2017
Source:Yesterday, the Bitcoin managed to update the annual minimum. At this time, the cryptocurrency fell below 3800 dollars. It is even less than in September 2017. 1-weekly chart of the asset, the picture looks absolutely awful, most likely, the bearish trend will stop in the line $ 3,000.
The Overall situation looks like this:
the-
the
- the value of the main cryptocurrency bounced from the support zone of $ 4,000, in the market practically there are no active buyers; the
- on 4-hour chart has formed a descending trend with resistance around 4200 USD; the
- the coin is under strong pressure from the bears may soon fall below $ 3,500.
At the moment, Bitcoin is trading at $ 3615. In the past 24 hours he fell 16.6 percent.
theTechnical analysis
This week, the bulls made a sluggish attempt to continue the rollback of the cryptocurrency above $ 4,300, but she did not succeed. Asset failed to consolidate above $ 4,500, and again rolled down, breaking the support zone of $ 4,000. The price of Bitcoin fell more than 12 percent in just a day, now it is below 3800 dollars and 100 SMA (on a scale of 4-hour chart).
Coin formed a new yearly low, but the decline likely has not yet stopped. During local correction, the Bitcoin broke the Fibonacci 0.5 level, laid at the last discharge from 4340 to $ 3678. Statistics show that this usually leads to a continuation of strong bearish trend.
image Source — NewsBTC
So, the immediate support is in the area of $ 3,500. If she doesn't stand up to the pressure, the downtrend will extend to 3200 and $ 3000. This is also telling indications of technical indicators. MACD is now in bearish zone and the RSI is below 20.
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