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Key Highlights
- Bitcoin started a fresh decline from the $118,000 region.
- BTC/USD traded below a major bullish trend line with support at $115,800 on the 4-hour chart.
- Ethereum also trimmed some gains and tested $4,050.
- XRP price struggled above $3.120 and settled below $3.00.
Bitcoin Price Technical Analysis
Bitcoin price failed to extend gains above $118,000 against the US Dollar. BTC reacted to the downside and traded below the $115,000 support.
Looking at the 4-hour chart, the price declined sharply below a major bullish trend line with support at $115,800. There was a clear move below the 50% Fib retracement level of the upward move from the $107,234 swing low to the $117,933 high.
The pair settled below the 100 simple moving average (red, 4-hour) and spiked below the 200 simple moving average (green, 4-hour). Immediate support is $112,000. A downside break below $112,000 might send BTC toward the $110,000 support. Any more losses might send the price toward the $107,500 support zone.
On the upside, the price now faces resistance near the $113,800 level. The main hurdle is now forming near $115,000 and the 100 simple moving average (red, 4-hour).
A successful close above $115,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $116,500 level. Any more gains might call for a test of $118,000.
Looking at Ethereum, the price reacted to the downside below $4,200 and might extend losses toward the $3,880 support.
Today’s Key Economic Releases
- ECB’s Nagel speech.
- Fed’s Barkin speech.
- Fed’s Hammack speech.
- Fed’s Miran speech.
- BoE’s Governor Bailey speech.
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