BTC Could Make a Sustained Move Lower

Bitcoin price failed to stay above $3,400 and extended decline against the US Dollar. BTC price broke the $3,375 support, opening the doors for more losses below the $3,320 support.Moreover, there was a break below a major bullish trend line with support at $3,405 on the hourly chart of the BTC/USD pair. The pair traded to a new weekly low at $3,350 and later corrected a few points. It traded above the 23.6% Fib retracement level of the recent decline from the $3,444 high to $3,350 low. The current price action is bearish and any upside correction towards the $3,400 level could find sellers. The main resistance is near the $3,400 level and the 50% Fib retracement level of the recent decline from the $3,444 high to $3,350 low. On the other hand, if the price resumes its decline, there could be a break below the $3,350 low.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold levels, with neutral moves.


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