driving force was Ethereum , which recently rose to the resistance level of $ 150. This helped BTC rise to the $ 4,000 resistance zone. The maximum was formed at the level of $ 3,955, and then the price began a downward correction.
Bitcoin fell below the support level of $ 3,900 and the Fibonacci retracement level of 23.6% of the last wave from a minimum of $ 3,553 to a maximum of $ 3,732. Sellers pushed the price to the level of $ 3840 (minimum of the previous fluctuation), where buyers appeared. On the other hand, there is strong support around $ 3,800. More importantly, on the hourly chart of the BTC / USD pair, there is a bullish connecting line, formed with support at $ 3,800. In addition, the Fibonacci retracement level of 50% of the last wave from a minimum of $ 3,553 to a maximum of $ 3,732 is near the level of $ 3,819. USA.
If the support level of $ 3,800 fails, the price can test the level of $ 3,720. Intermediate support – $ 3,750, as well as the Fibonacci retracement level of 76.4% of the last wave from a minimum of $ 3,553 to a maximum of $ 3,732. Thus, the fall is protected as long as the price stays above $ 3,720.
On the chart, the bitcoin price is in trend above $ 3,800. On the other hand, the initial resistance is at $ 3,950 and $ 4,000. However, the main resistance is at $ 4,200, where sellers may appear. On a positive note, with a successful daily close above $ 4,000 and $ 4,200, the price is likely to begin a medium-term uptrend.
Technical indicators
Sentry MACD – MACD is slowly gaining momentum in the bearish zone, but with limited strength.
Hourly RSI (Relative Strength Index) – RSI for BTC / USD has corrected lower, but is still above level 60.
The main support level is $ 3820, followed by $ 3800.
The main resistance level is $ 3,950 and $ 4,000.
