- 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.
BEST BROKERS TO TRADE CRYPTO
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.