TA: Bitcoin Resumes Downtrend, Why Upsides Remain Capped
Bitcoin failed to gain pace above $40,700 and declined against the US Dollar. BTC traded to a new weekly low and might struggle to climb above $39,200. Bitcoin started a fresh decline after it failed to clear the key $40,700 resistance zone. The price is now back below $39,000 and the 100 hourly simple moving average. There was a break below a connecting bullish trend line with support near $39,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but upsides might be capped near $38,800 or $39,200. Bitcoin Price Declines Sharply Bitcoin price....
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