BTC/USD is sliding down within the recent range. The downside correction is likely to stop at $5,000. BTC/USD has moved into a red zone for the first time since April, 16; however, despite a retracement from recent highs, it is still moving within an upside channel with the lower boundary at $5,050. The coin has gained nearly 5% in recent seven days and over 65% since the beginning of the year. Bitcoin’s technical picture From the longer-term of view, BTC/USD may retest the above-said lower boundary of the channel, strengthened by a midline of 1-day Bollinger Band and psychological $5,000. This strong support zone is likely to stop the correction and create a foundation for another bullish leg with the next focus on $5,448 (the recent high) and $5,500. Meanwhile, the ultimate resistance comes at $5,650-$5,670 supported by the upper line of 1-day Bollinger Band and the channel resistance. On the downside, a sustainable move below $5,000 will negate the immediate bullish forecast and open up the way towards $4,500 (DMA200) and $4,350-$4370 (DMA50 and lower line of the Bollinger Band) BTC/USD, 1D chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Huobi Global OTC desk collaborates with Simplex for both Visa and MasterCard payments FX Street 4 years BTC/USD is sliding down within the recent range. The downside correction is likely to stop at $5,000. BTC/USD has moved into a red zone for the first time since April, 16; however, despite a retracement from recent highs, it is still moving within an upside channel with the lower boundary at $5,050. The coin has gained nearly 5% in recent seven days and over 65% since the beginning of the year. Bitcoin's technical picture From the longer-term of view, BTC/USD may retest the above-said lower boundary of the channel, strengthened by a midline of 1-day… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
