Bitcoin Price Analysis: Downward Path – Path of Least Resistance for BTC / USD

Bitcoin is at a level below $ 3,400, which serves as local resistance, separating the price from the stronger barrier created by the upper line of the Bollinger Band (1 hour) at $ 3,500.

Digital coin No. 1 remains under strong bearish pressure in cryptocurrency markets. It seems that traders focus on uncertainty and negative factors and ignore positive events.  

BTC / USD fell by more than 84% of its historical peak, although, if the previous experience is repeated, it still has a chance for a strong recovery.

On intraday charts, the BTC / USD remained below the middle line of the Bollinger band (1-hour chart) and dropped to $ 3,400. The coin found support at the level of $ 3,360, created by the lower edge of the above-mentioned Bollinger band. A steady move below will push the price to $ 3,300 dollars and to the recent minimum of $ 3,211.

The path to growth is permeated by technical resistance levels, which include the SMA100 at $ 3,417, the middle line of the Bollinger band at $ 3,430, the SMA50 at $ 3,460. As soon as these barriers disappear, the price will reach $ 3,500, where a new interest in selling may appear. However, if it is cleared, the recovery will keep pace with the following focus on $ 3,600 and $ 3,630 (SMA200, 1 hour).

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