For over a week, Bitcoin is on a consolidation; moving side-ways with choppy price bars. BTC price is currently trading at $3700 level; a bearish move seems to play out.
BTC/USD Long-term (1D chart)
Resistance levels: $4200, $4400, $5000;
Support levels: $3650, $3400, $3150;
Following early 2018 drop, BTC has remained in a long-term bearish trend. Up till this moment, the coin is yet to recover from the crash, trending below the trend line: a pennant resistance line which holds price rejection level for the bidders.
Looking choppy, a big move is expected to play out at either ways, taking the market to the next wave – uncertainty for traders. The daily MACD drives sideways, suggesting an indecisive market.
As of now, a possible swing low is likely to send price to the bottom of $3650, where the important 50-days moving average line (purple) lies. However, a climb would see $4200 tough resistance, testing the trend line before bouncing back low. If the price sustains $4200 and breaks-up, a green momentum is signaled for BTC. For now, the bear zone is strong.
BTC/USD Medium -term (4H chart)
After the February incline to $4200, Bitcoin saw an enormous sell; flagging bearish on the medium-term perspective as trading remains below the important 50-days moving
While consolidating, a short trade is currently playing out on a slow move. The closest key support is at $3550. This could be another bearish manipulation in disguise. As revealed by the 4-hours MACD, BTC is at the negative zone.
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