- BTC/USD is sliding, $,3500 in focus.
- A sustainable move above $3,600 is a prerequisite for an extended recovery.
Bitcoin is sliding down unable to regain $3,600 handle. While a sustainable recovery is still a possibility, at least until the price stays above $3,500, a fading momentum implies that the correction is not over.
Looking technically, the upside is limited by a confluence of SMA500 and SMA100 (1-hour) on approach to the above said critical $3,600. A sustainable move higher will open the way towards $3,650 (February 2 high) and $3,707, where a fresh selling interest may appear.
Considering the downward-looking RSI both on 1-hour and 4-hour charts, the further sell-off looks likely, though it may be limited by a strong support zone.
The initial support lies with $3,538 (SMA200, 1-hour, SMA50 and SMA100 4-hour) followed by psychological $3,500. Once below, the sell-off will gain traction with the next aim at $3,460/50. This development will spoil the short-term technical picture and negate the bullish scenario for the time being.
BTC/USD, 1-hour chart
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