- Bitcoin retreats from pre-halving rally testing the 23.6% support above $220.
- Sellers remain in control despite the halving; the RSI’s downward movement emphasizes on the on strengthening grip.
Bitcoin Cash is in the red on Easter Monday after sellers cut short last week’s momentum towards $300. A new April high was established at $281 and unfortunately marked the end of the halving rally. After the halving, Bitcoin Cash retreated under $250 support. Meanwhile, the price is trading at $226 and holding on to the support by the 23.6% Fibonacci retracement taken between the last swing high at $498.93 to a swing low at $136.71.
Meanwhile, Bitcoin Cash is trading below the moving averages in the 4-hour range. Both the 50 SMA and the 100 SMA will now function key resistance levels after they failed to hold as support lines.
Looking at RSI, sellers are in control and likely to stay in the driver seat in the next sessions. If the indictor continues to move towards 30 (oversold region), then BTC/USD is expected to retest support at $200. The bearish sentiments are supported by the MACD’s slide into the negative region. For now, the best the bulls can do is to defend the support at the 23.6% Fibo and $220 in order to focus on recovery above $250.
BTC/USD 4-hour chart
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