Of course Bitcoin: the coin will drop to $3.300

Of course Bitcoin: the coin will drop to $3.300

Key points

  • Bitcoin (BTC) failed to overcome the resistance barrier at $3.900, so the rate of coin fell to $3.700.
  • On the four-hour chart has formed a descending triangle with support around $3.765 (according to the exchange Kraken).
  • Soon , Bitcoin will overcome the barrier support $is 3,750 and will drop to $3,500 or even $3.300.

Technical indicators indicate a continued bearish trend.

This week the price of Bitcoin has overcome the barrier of resistance at around $3.800, however, buyers failed to break through the next resistance zone in the area of $3.900. Therefore, there is a downward trend, which stood at $3.720, then the price of BTC rises to $3.800 and reached the average of 100 hours. In the recent decline in the exchange rate from $3.920 to $3.722 cryptocurrency was trading above the 50% Fibonacci level.

At $3.850 $3.870 formed the powerful barriers of resistance, so the value of Bitcoin will fall. At the moment the rate of BTC is approaching a key support area at $3.765, when the sellers will break through this barrier, the coin will drop to $3,500 or even $3.300.

On the chart there descending triangle with support at $3.765. Bearish trend will continue to increase as it approaches the key support area.

The MACD in 4 hours – in the area of the bearish trend.

The RSI in 4 hours – below 50.

The main support level of $3.765.

Major resistance at $3.850.

Of course Bitcoin for a week prepared in accordance with technical indicators and current situation on the market!

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