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Bitcoin Price Watch: BTC Targets Fresh Lows Below $5,200, Market Gloomy
Key PointsBitcoin price is currently under pressure below the $5,500 resistance level against the US Dollar.There was a break below a key bullish trend line with support at $5,530 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is declining and it seems like it could break the $5,230 and $5,200 support levels.Bitcoin price is moving lower towards the last low against the US Dollar. BTC/USD could accelerate declines below if there is a break below the $5,200 support.Bitcoin Price AnalysisThe past few hours were pretty bearish because bitcoin price was rejected near $5,600 against the US Dollar. The BTC/USD pair started a fresh decline and traded below the $5,550 and $5,500 support levels. There was even a break below the $5,400 support and the 100 hourly simple moving average. It opened the doors for more losses towards the $5,230 and $5,200 levels.During the slide, there was a break below a key bullish trend line with support at $5,530 on the hourly chart of the BTC/USD pair. Later, the price traded below the $5,350 support and the 1.236 Fib extension level of the recent wave from the $5,414 low to $5,700 swing high. The current price action is super bearish and it seems like the price could even break the $5,206 low. An immediate support is $5,230 and the 1.618 Fib extension level of the recent wave from the $5,414 low to $5,700 swing high. If there are more losses, the price could even trade below the $5,200 support.Looking at the chart, bitcoin price is at a risk of a downside break below the $5,200 and $5,150 levels. There are even chances of a test of the $5,000 handle in the near term.Looking at the technical indicators:Hourly MACD – The MACD for BTC/USD is gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI is well below the 30 level.Major Support Level – $5,200Major Resistance Level – $5,500
Author: Aayush Jindal
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