- BTC/USD consolidates in a narrow range.
- Intraday RSI implies no breakthrough in the nearest future.
One Bitcoin goes for $3,826 ant the time of writing, which is 1% more expensive than this time on Monday. While the recovery is shallow is still to gain ground, a sustainable move above $3,800 may bring some relief for short-term BTC bulls.
Notably, the prices are supported by SMA100 (4-hour) currency ant $3,735. This area has been limiting the decline since Sunday. If it is cleared, the sell-off may be extended towards $3,600 with SMA200 (4-hour) located right below this handle. This barrier is likely to stop the downside and attract new buyers to the market. Otherwise, BTC/UDS will experience an increased downside pressure and move to explore new lows at $3,300.
On the upside, the short-term recovery is capped by $3,880 (SMA50 4-hour, SMA50 1-hour, SMA200 1-hour) and psychological $3,900, strengthened by SMA100 1-hour). Once above, $4,000 will come into focus once again. However, we will need a convincing catalyst to drive the price above this level after the weekend’s failure.
Considering that the Relative Strength Index is flat, in the neural territory on all intraday charts, we may suggest that the coin will continue the rangebound trading with a mild bullish bias.
BTC/USD, 4-hour chart