Bitcoin Price Analysis Feb.3: BTC Faces Down Following Rejection Of The $3480 Mid-Term Trend-Line

Bitcoin Price Analysis Feb.3: BTC Faces Down Following Rejection Of The $3480 Mid-Term Trend-Line

Not much had changed since our previous Bitcoin price analysis. The bottom line is that Bitcoin is consolidating around the $3400 support range, failing to break-up the month-long descending trend-line (can be seen on the following daily chart).

We’ve also mentioned the possibility that Bitcoin will retest the $3480 – $3500 significant resistance area, which just happened during the recent hours.

Looking at the 1-day & 4-hour charts

BTC/USD BitStamp 4-Hour chart

BTC/USD BitStamp 1-Day chart

 

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