BTC/USD traded lower yesterday, breaking below the support (now turned into resistance) barrier of 53150. That said, the slide was stopped at 51300, and then, the price rebounded somewhat. Overall, since hitting a record high at around 60624 on March 15th, the crypto has been printing lower highs and lower lows on the 4-hour chart, something suggesting that there may be more declines in the works for the near term.
A decisive dip below 51300 would confirm the case for more declines and may set the stage for extensions towards the 46200 territory, which is defined as a support by the low of March 5th. If the bulls are not willing to jump into the action neither at that zone, then, the next support to consider may be the low of February 26th, at 43900.
Taking a look at our short-term oscillators, we see that the RSI, already below 50, has started to turn down again, while the MACD lies below both its zero and trigger lines, pointing down. Both indicators detect accelerating downside speed, which enhances to case for further declines in the short run.
Now, in order to start examining the bullish case again, we would like to see a recovery above the latest peak, at around 57150. This will confirm a forthcoming higher high on the 4-hour chart and may see scope for advances towards the all-time high of 60624. If that zone is not able to provide resistance this time around and breaks, then the crypto will enter uncharted territory with the next area to consider as a possible obstacle being the psychological zone of 65000.
The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.
72,99% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure: https://www.jfdbank.com/en/legal/risk-disclosure
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?