Yesterday we saw an unpleasant drop of $ 4.188 swing high in the cost of a Bitcoin against the US dollar. The BTC / USD dropped sharply down and cut support levels of $ 4,000 and $ 3,800
It traded close to the $ 3,600 level and found support close to $ 3,630. A base was formed, and later the price recovered above the $ 3,700 resistance.
There was a break – 23.6% from $ 4.188 to $ 3.628. Buyers even managed to push the price above the $ 3,750 and $ 3,800 levels. However, the previous $ 3,860 support was acting as strong resistance. At the outset, there is a short-term upside-down channel with $ 3,880 resistance on the BTC / USD hourly chart.
The couple recently tested channel support at $ 3,775 and bounced back. However, there are many obstacles going upwards, starting at $ 3,860.
The main zone of resistance is close to the levels of $ 3,880 and $ 3,900. Additionally, the 50% refund rate from the last decrease from $ 4,188 to $ 3,628 is $ 3,908 and acts as a resistance.
Finally, the 100-hr simple sliding average is close to the $ 3,920 level. Therefore, it seems that there is a strong resistance, formed close to $ 3,900 and a 100-hour SMA. Only successful closing above $ 3,920 could start moving up in the near future. If not, the price may resume its decline under $ 3,750. Sellers remain in control as long as the price is below $ 3,900 and $ 3,920. If there is a new drop, the price may return to support levels of $ 3,630 and $ 3,600