Bitcoin extended losses below 5,450 on Wednesday before finding solace at $5,623.20. Trends of the MACD show that the price could breakdown further. Bitcoin has just slowed down from a flash drop move from an intraday high around $5,623.20. The rising trendline support which had formed a confluence with the 50 simple moving average (SMA) and the 100 SMA 15-minutes at $5,567.26 could not prevent the massive bear force. Instead, BTC/USD spiraled below the 61.8% Fib retracement level of the last drop from $5,632.52 to a low of $5,284.88 at $5,500. The losses extended below $5,450 but the buyers found balance and solace at $5,623.20. The support has given way for a correction above $5,450. Bitcoin currently exchanges hands at $5,483 while facing resistance from the broken support at the 61.8% Fib level. In spite of the slight upside correction from the support, Bitcoin still has a bearish outlook especially in the short-term as observed using the RSI and the MACD. The RSI in the same 15-minutes range is yet to make any significant movement after recovering from the oversold levels around 20.68. The indicator is ranging at 37.93 to show that BTC/USD is inclined to move sideways. Trends of the MACD show that the price could breakdown further. The indicator’s divergence is still increasing in the negative zone. Other support levels include $5,350, $5,300, $5,250 and $5,200 in the event declines are to extend below the support established at $5,623.20. BTC/USD 15-minutes 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 GBP: Growing weary? – Rabobank FX Street 4 years Bitcoin extended losses below 5,450 on Wednesday before finding solace at $5,623.20. Trends of the MACD show that the price could breakdown further. Bitcoin has just slowed down from a flash drop move from an intraday high around $5,623.20. The rising trendline support which had formed a confluence with the 50 simple moving average (SMA) and the 100 SMA 15-minutes at $5,567.26 could not prevent the massive bear force. Instead, BTC/USD spiraled below the 61.8% Fib retracement level of the last drop from $5,632.52 to a low of $5,284.88 at $5,500. The losses extended below $5,450 but the buyers found… 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.
