Bitcoin price analysis: no escape from the range so far
- BTC/USD slips back below $4,000.
- The support at $3,900 is likely to stop the downside.
Bitcoin (BTC) slipped below $4,000 once again, enable to develop bullish momentum. The first digital coin is changing hands at $3,980, down 1.2% since this time on Thursday. Low trading activity after a collapse below the critical $4,000 handle during early Asian hours implies rangebound trading.
On the intraday level, BTC/USD is supported by $3,950 strengthened by SMA50 (4-hour) and SMA200 (1-hour). Once this barrier is passed, a stronger support at $3,900 will come into focus.
Considering flat RSI on intraday charts, the price is likely to stay in the recent range, limited by the above-mentioned $3,900 support on the downside and $4,000-$4,050 on the upside. However, a sustainable move in either direction into the end of the week might trigger strong price swings, especially during less liquid weekend trading.
On the upside, we will need to pass $4,050 to get out of the trap. The next bullish target comes at $4,187 (February high) and $4,200.
Author
Tanya Abrosimova
Independent Analyst
