Failure for Bitcoin to break above $4,000 and sustain growth towards $4,200 is contributing to the current downtrend. RSI and the MACD on the 1-hour chart show that the bulls are gaining traction. Bitcoin corrected below an established supported at $3,920 on Monday. The move was nothing but a confirmation of a bearish trend reversal had been forming in the last few days. The slide resulted in a drop below the 50 SMA 1-hour currently at $3,938.09. Bitcoin struggled to defend the next support target at $3,900, however, the tightening sellers’ grip sent Bitcoin to a 10-day low at $3,857.51 yesterday. The bear move had Bitcoin ejected from a recent trading range between $3,920 and $4,057. It is clear that failure for Bitcoin to break above $4,000 and sustain growth towards $4,200 is contributing to the current downtrend. In fact, the move below $3,900 confirms the historic bearish momentum below the 21 SMA. This means that BTC/USD is still at risk of falling to the demand zone observed at $3,800. A break below $3,850 is likely to reignite declines below the demand zone. However, at press time, Bitcoin is trading at $3,903.75 after reclaiming $3,900 support. The current bullish trend must clear the resistance at the 50 SMA in order to place Bitcoin on a clear trajectory above the longer term 100 SMA 1-hour currently at $3,958.81. The support turned resistance at $3,975 is expected to hinder growth but a break above the same level could see Bitcoin easily trend past the psychological $4,000 level. Other indicators like the RSI and the MACD on the 1-hour chart show that the bulls are gaining traction. Besides, the bullish candle on the chart has engulfed the previous bearish candle. The RSI is heading upwards after testing the level around 22.86. Although the MACD is still below the mean line, it has recovered from -19.01 to the current -10.86. For now, Bitcoins path of least resistance is to the upside but in the event, the trend reverses $3,900, $3,850 and $3,800 (demand zone) will work as significant support areas. BTC/USD 1-hour 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 USD/JPY climbs above 110.50 as US stocks rally in early trade FX Street 4 years Failure for Bitcoin to break above $4,000 and sustain growth towards $4,200 is contributing to the current downtrend. RSI and the MACD on the 1-hour chart show that the bulls are gaining traction. Bitcoin corrected below an established supported at $3,920 on Monday. The move was nothing but a confirmation of a bearish trend reversal had been forming in the last few days. The slide resulted in a drop below the 50 SMA 1-hour currently at $3,938.09. Bitcoin struggled to defend the next support target at $3,900, however, the tightening sellers' grip sent Bitcoin to a 10-day low at $3,857.51… 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.
