Bitcoin Price Analysis: BTC/USD Struggle Below Resistance
Bitcoin price remained under pressure against the US Dollar, and it looks like the BTC/USD pair may decline in the near term.
Yesterday’s highlighted bearish trend line formed on the hourly chart (data feed via Bitstamp) of BTC/USD acted as a resistance during the recent upside move towards $575.
Bitcoin Price Resistance
The BTC to USD once again managed to gain bids and traded higher. However, the upside move stalled near $575, which was a resistance earlier as well. The main point was that yesterday’s move was completely discarded for a downside move.
The main hurdle for an upside move in BTC was yesterday’s highlighted bearish trend line formed on the hourly chart (data feed via Bitstamp) of BTC/USD. During the downside move, the pair also settled below the 100 hourly simple moving average.
It is a crucial bearish sign. The pair also moved below the 50% Fib retracement level of the last wave from the $565 low to $577 high. The BTC buyers are currently making an attempt to push the price higher, but the 100 hourly simple moving average is acting as a hurdle for a recovery.
If the price continues to struggle, then a retest of the 76.4% Fib retracement level of the last wave from the $565 low to $577 high is possible.
The hourly MACD was in the bullish zone for some time, but later it moved into the bearish zone. There can be an increase in the selling pressure in the near term. The hourly RSI is also well below the 50 level, which is a signal that buyers are losing control and struggling to take the pair higher.
In my view selling rallies may be considered as long as the price is below the trend line resistance and the 100 hourly simple moving average.
Chart Source – TradingView.com and data feed by Bitstamp