- New hit to confidence in Bitcoin.
- It is a battle on every street corner and every cent. The one who surrenders loses.
Halfway through the last day of the week, BTC/USD loses yesterday's gains and goes back below the broken trend line early in the Asian session. After a rapid rise to $3,616 early in the US session, the BTC/USD pair has rotated rapidly down to $3,549.
The 50-period exponential moving average is exerting support at the $3.549.99 price level. Just below this level are two confluence levels integrated by the daily S1 level of the Pivot Points system, yesterday's minimum price and above all the monthly 23.6% level of the Fibonacci retrocession system.
The second support level is at $3,460 (price congestion support), with the SMA200 at $3,485 serving as a defense barrier. It is worth noting the pronounced upward inclination of this long-term average.
The configuration of the moving averages projects a consolidation zone of around $3,500.
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The MACD on the 4-hour chart confirms a downtrend rejection after a perfect bullish cross profile this morning.
The DMI shows how the bulls have increased the advantage while the bears do not take advantage of the falls to gain height.
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