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Analysis

Bitcoin Analysis – 09.01.19

Bitcoin / USD pair dropped recently, but found support close to $ 3,940.

Later, the price of the Bitcoin returned over $ 4,000 and about $ 4,050. Buyers even broke the last peak of $ 4,084 and the new weekly maximum is $ 4,113. However, buyers failed to maintain their strength, which led to a drop of less than $ 4,080. The price even broke the support of $ 4,000 and traded near the $ 3,950 level. The Swing Bottom was formed at $ 3,966, and the price remained above the 100-hr simple sliding average.

More importantly, the yesterday’s highlight of the bullish trend line is intact with $ 3,990 on the couple’s hourly chart. There is, therefore, a risk of falling to $ 3,950 in support of purchase orders. On the upside, a breakthrough of over $ 4,040 and $ 4,050 is needed for further growth. Additionally, the exchange rate of 50% from the last drop of $ 4,113 to $ 3,966 is $ 4,040.