At the time of writing, Bitcoin has been trading at $ 3,400. The coin has lost almost 1.53% in the last 24 hours and 8.7% since the beginning of the year.
Oanda Senior Analyst Craig Erlam commented on the situation in the cryptocurrency market:
Bitcoin seems to have stabilized again after several volatile months when it came under pressure. In the past few weeks, the BTC has been trading in much narrower ranges, but at the same time it has continued to decline, and this only confirms my opinion that dark days are still ahead.
The expert believes that the price of Bitcoin should break above $ 4,500 to soften short-term pressure down and focus on the next target of $ 6,000. However, for the moment, the momentum remains bearish.
From a technical point of view, a pair of BTC / USD will not be easy to try to recover their positions. The significant barrier, located directly above the current price, includes a psychological level of $ 3,410, SMA50 and SMA100 (1 hour). We need to see a move above $ 3,430 dollars to avoid further sales.
The next resistance is $ 3,472 (Thursday high) and $ 3,500 with a SMA200 (1 hour) on the way.
On the other hand, BTC is vulnerable to further decline with the following goal – $ 3 341 (January minimum) and $ 3 200. Movement below this area will drench the price to the minimum of $ 3 127 in 2018.
And what do you think about this? Do you agree with the analyst?
