Bitcoin Rate Watch: BTC Targets Fresh Lows Below $5,200, Market Gloomy

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Bitcoin Rate Watch: BTC Targets Fresh Lows Below $5,200, Market Gloomy

Bottom Line

  • Bitcoin cost is presently under pressure listed below the $5,500 resistance level versus the United States Dollar.
  • There was a break listed below a crucial bullish pattern line with assistance at $5,530 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The cost is decreasing and it looks like it might break the $5,230 and $5,200 assistance levels.

Bitcoin cost is moving lower towards the last low versus the United States Dollar. BTC/USD might speed up decreases listed below if there is a break listed below the $5,200 assistance.

Bitcoin Rate Analysis

The previous couple of hours were pretty bearish since bitcoin cost was declined near $5,600 versus the United States Dollar. The BTC/USD set began a fresh decrease and traded listed below the $5,550 and $5,500 assistance levels. There was even a break listed below the $5,400 assistance and the 100 per hour basic moving average. It unlocked for more losses towards the $5,230 and $5,200 levels.

Throughout the slide, there was a break listed below a crucial bullish pattern line with assistance at $5,530 on the per hour chart of the BTC/USD set. Later on, the cost traded listed below the $5,350 assistance and the 1.236 Fib extension level of the current wave from the $5,414 low to $5,700 swing high. The present cost action is super bearish and it looks like the cost might even break the $5,206 low. An instant assistance is $5,230 and the 1.618 Fib extension level of the current wave from the $5,414 low to $5,700 swing high. If there are more losses, the cost might even trade listed below the $5,200 assistance.

Bitcoin Price Analysis BTC Chart

Taking A Look At the chart, bitcoin cost is at a danger of a drawback break listed below the $5,200 and $5,150 levels. There are even possibilities of a test of the $5,000 manage in the near term.

Taking a look at the technical signs:

Per Hour MACD– The MACD for BTC/USD is acquiring speed in the bearish zone.

Per Hour RSI (Relative Strength Index)– The RSI is well listed below the 30 level.

Significant Assistance Level– $5,200

Significant Resistance Level– $5,500

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