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Bitcoin (BTC/USD) Bearish and Knocking on Key Support Pivot

The price of Bitcoin (BTC/USD) has been consolidating after coming down to $3200 in December 2018. Over a month later, price action still shows bearish bias and is knocking at a key support around $3460.

BTC/USD Daily Chart

Consolidation with Bearish Bias:

  • The market was bearish entering December, but eventually flattened.

  • However, there is still bearish bias as price still trades under the 200-, 100-, and even the 50-day simple moving averages (SMAs).

  • The RSI has been holding below 60, which reflects maintenance of the prevailing bearish momentum.

Key Support:

  • As we can see on the daily chart, there is a common support pivot at the $3460 area.

  • I think if price can hold below $3450 for 24 hours, the market might retest the $3200 low with a good possibility of extending to $3000 before finding significant support again.

  • But If price pushes above $3750 and stays above for more than 24hours, then I think we can see BTC/USD pushing up to $4100 with $4420 as the next resistance above that.

In general, I believe the market will remain choppy but with bearish bias in the next couple of months.

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