ForexMinute.com — Last few days in the cryptocurrency market has encountered Bitcoin attaining sever bearish momentum, thereby breaking below even the strong-looking support levels. However in last 24 hours, there seems to have been a little recovery near 233, though with doubts a further extensive downward trend.
BTC/USD Bitcoin Price Technical Analysis
As you can see the 4H BitFinex chart above, there seems to be a little buying sentiment down the 233-support line. The same level has previously held the price, during the Feb 23rd trading session this year, after which it attained a sideways movement for next few days. The price seems to be repeating the pattern as of now, looking towards testing the psychological resistance near 240-241 area, with an upside risk towards 244.
The technical indicators meanwhile are supporting a bearish theory. As you can notice in the chart, the Bitcoin price has fallen below the near-term moving averages (the black curve), while the RSI is situated in a reasonably strong selling zone. The MACD blue curve is though trending upwards due to minimalistic corrections, though inside negative territory. The near-term landscape is therefore inclines towards bears.
Therefore, we recommend our readers to watch out for 233 bottom while placing there trades. At this time, entering a trade while placing a long entry just below 240 seems to ensure a little reward. A break above 240 will validate 244 fiat as medium bias. Conversely, if Bitcoin stay below 240 for too long, it would put 233 again on watch as the medium term floor.