Bitcoin Technical Analisys From 14 To 20 August, 2017
Bitcoin price could not rise above $ 4475. BTС/USD is trading near a large support area now.
Last week, the price of bitcoin rose above the $ 4000. However, it failed to break the $ 4,500 level, which triggered by a downside movement. The decrease was also due to the increase in the share of participation in the trading of the cryptocurrency Bitcoin Cash (BCH), which traded above $ 800. BTC fell below the Fibo retracement level 23.6% from $ 3232.76 to $ 4,475.37. The price also managed to move below the level of $ 4180, formed on a four-hour chart.
The downside movement prevented by another bullish trend, formed at $ 4,000. Moreover, Fibo 38.2% from $ 3232.76 to $ 4,755.37 acted as support. BTC/USD keeps the bullish trend and is currently trading above $4000. It should stay above $ 4000, so that buyers could raise the price towards $ 4,400.
A break and close below $ 4,000 could lead to a decrease Fibo from $ 3,232.76 to $ 4,375.37. In general, support at $ 4,000 in the short term can be considered as a basis. While the price is above $ 4000, it can recover.
4-hour MACD - MACD has just moved into the bearish area.
4-hour RSI - RSI also moved below level 50.
The main support level is $ 4000.
The main resistance level is $ 4180.