Bitcoin Price Weekly Analysis: BTC’s Bullish and Bearish Scenarios Analyzed

Bitcoin price declined recently and traded below the $3,725 support against the US Dollar.There is a short term breakout pattern forming with resistance near $3,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair may soon make the next move either above $3,650 or below $3,550 in the near term.Bitcoin price faced an increased selling pressure below $3,700 against the US Dollar. BTC/USD is aligned for the next break either bullish above $3,650 or bearish below $3,550.Bitcoin Price AnalysisThis past week, bitcoin price started a major downward move from the $4,037 swing high against the US Dollar. The BTC/USD pair declined heavily and broke the $4,000, $3,800, $3,725 and $3,650 support levels. The decline was nasty as there was a close below the $3,725 level and the 100 simple moving average (4-hours). It traded close to the $3,550 support area and later started consolidating losses. An…

Read the original article here