Market Overview

BTC/USD Rebounds Key Support

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BTC/USD Rebounds Key Support
  • Bitcoin drops below $5,000 twice in five days but sentiments remain positive.
  • BTC/USD is still in an uptrend above the trendline in spite of the retracement from the intraday high at $5,08654.

Bitcoin has experienced a couple of flash drops in a period of five days. The initial drop last week on Thursday sent Bitcoin back to the drawing board under $5,000. Support established at $4,900 gave way for a bullish correction past $5,100 but failed to break past the 50% Fib retracement level between the last swing high of $5,464.77 and a previous swing low of $4,914.70. Lack of momentum to correct higher led to the correction culminated in the slide on Monday 15 where BTC/USD explored the levels slightly below $5,000 before find balance at $4,950

The rebound from the key support has lost steam at the 100 Simple Moving Average (SMA)1-hour chart. The price is still in an uptrend above the trendline in spite of the retracement from the intraday high at $5,08654. BTC/USD currently trades at $5,067 amid a building bearish momentum threating the trendline support.

The trend in the coming session is likely to sideways with the RSI moving in range at 48.00. The Indicator has recovered from the oversold levels below 30.00. The MACD has been aiming for the positive region but it is stuck in the negative region. Therefore, traders can expect Bitcoin to stay between $5,100 and $5,000.

BTC/USD 1-hour chart

a16-btc-636910087099458519.png

Image sourced from Pixabay

Posted-In: BitcoinCryptocurrency News Eurozone Forex Global Markets General

 

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