Bitcoin price is finding it hard to stay above $4200-4100 against the US Dollar. More declines towards $3900 is likely in BTC/USD in the near term.
Key Points1. Bitcoin price is struggling to remain above the $4100 support area against the US Dollar.
2. There is a key bullish trend line with support at $4150 forming on the 4-hours chart of BTC/USD (data feed from SimpleFX).
3. The pair is heading towards the trend line support at $4150 and might attempt a downside break.
Bitcoin Price Crucial SupportThere were a couple of swing moves in Bitcoin price towards $4500 against the US Dollar this past week. The price declined on a couple of occasions, but the $4000-4100 support area held the downside. The price recently recovered from the $4018 low. It traded above the 50% Fib retracement level of the last decline from the $4966 high to $4018 low. It even moved above the $4500 level and the 100 simple moving average (H4).
However, the upside move faced sellers near $4650. Buyers failed to place the price above the 61.8% Fib retracement level of the last decline from the $4966 high to $4018 low. The price moved down and traded below the $4500 support and the 100 simple moving average (H4). On the downside, there is a key bullish trend line with support at $4150 forming on the 4-hours chart of BTC/USD.
Source:
http://www.newsbtc.com/2017/09/10/bitcoin-price-weekly-analysis-btcusd-breakdown/