Bitcoin has failed to latch onto the weekly high of $466.64, coming down swiftly to $442.38 in a week dominated primarily by the first US interest rate hike in almost a decade. Interestingly, the cryptocurrency failed at the same level in the previous week also.
As the week comes to a close on a relatively weak note, it might provide the bears with a much-needed impetus to make Bitcoin less expensive.
We will discuss today the weekly BTC-USD price chart from the Bitstamp exchange. The picture is very similar to what we observed in the previous weekly price technical analysis of Bitcoin, which is overbought from a technical perspective.
Conclusion
From each and every technical indicator presented above, one can infer that the current level might not be suitable for the buyer. The better choice would be to keep decreasing long positions on higher levels and wait for lower levels to enter the market.
Very short-term traders can go short on Bitcoin by placing a stop-loss just north of $468 when the price reaches $465. The target for the trade would be $ 440.