Bitcoin stays in a downtrend mode
|BTC/USD has been in a sliding mode since Tuesday, when it hit resistance slightly below the 39400 territories, marked by the inside swing low of January 10th. Overall, the crypto remains below the downside resistance line drawn from the high of November 10th, which keeps the near-term outlook negative.
We believe that the bears could stay in charge for a while more, but in order to get confident on larger declines, we would like to see a clear dip below the 35400 zones, marked by the low of January 27th. This could initially allow a slide towards the 32800 barriers, marked by the low of January 24th, the break of which could carry larger extensions, perhaps towards the 29190 zones, which acted as a floor for the crypto between May 19th and July 19th.
Turning our gaze to our short-term oscillators, we see that the RSI lies below 50 and points down, while the MACD runs below both its zero and trigger lines. Both indicators detect downside speed and corroborate the notion for further declines in this cryptocurrency.
On the upside, we would like to see a clear break above 41000 before we start examining a bullish reversal. The price will already be above the aforementioned downside line and may initially travel towards the 44200 zones, marked by the highs of January 12th and 13th, or the 45700 zones, marked by the inside swing lows of December 29th and 30th. If the bulls are not willing to stop there, then we could see them climbing towards the 48500 area, marked by the peak of December 27th.
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