Tanya Abrosimova
Independent Analyst
- BTC/USD risks skewed to the downside as long as the price stays below $5,246
- The long-term support is located at $4,600.
Bitcoin (BTC) managed to get back above $5,200 handle after a short-lived dip to the intraday low of $5,160. The first digital coin has lost 2.2% since the beginning of the day, thought it is mostly unchanged on a day-on-day basis. Basically, the market continues oscillating in a recent range amid declining volatility.
Looking technically, BTC/USD broke below the short-term trendline currently at $5,246. If the price doesn’t move back above this area, in the nearest future, the sell-off may gain traction with the next focus on psychological $5,100 strengthened by SMA50 (4hour) and SMA200 (1hour). The next support comes at $5,000. From the longer-term point of view, the recovery is still valid as long as BTC/USD stays above $4,600-$,570 area intensified by DMA200.
On the upside, the recovery is limited by the above said trendline ($5,246), followed by $5,300. Meanwhile, the ultimate short-term resistance lies with $5,350 (strengthened by double high of April 3 and April 8). Once it is cleared, the upside momentum will gain traction with the next aim at $5,500.
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