CoinDesk analyst Omkar Godbole notes that after passing the support level at $3298, the price of the first cryptocurrencies could fall to lows of September 2017 at $2970.

Bitcoin fell to a level six weeks ago and the bears can test long-term support at $3300. Yesterday’s drop in prices to a minimum of 17 December was accompanied by an increase in total trading volumes to the level of $7 billion (according to CoinMarketCap), which clearly shows the predominance of sellers on the market.

Continued sales may reduce the price to the minimum values Dec $3100.

Weekly chart

On a larger timeframe shows that price is desperate to hold on 200-week moving average (MA) passing through the level of $3298. Amid falling values of the relative strength index (RSI) is in oversold territory 200 MA can not resist.

Daily chart

On the daily chart RSI is also pointing down. Last in oversold territory, the indicator was in December.

Also the continuation of the bull market signal aimed down MA with periods of 5 and 10. Thus, soon, the price may return to $3122.

Junior timeframes

On the four-hour chart the RSI is in oversold zone, below $ 30.00. Therefore, before 200 MA breakdown may occur short-lived upward correction.

Until that radically change the market picture can only be a convincing break of $3658 corresponding to the maximum of the Sabbath candles Doji (“Tombstone”).

We will remind, according to the founder of Sprinklr services Scup and Renato Shirakashi, the price of BTC has almost reached its bottom.