BTCUSD, also known as Bitcoin, has faced a period of sideways trading in recent sessions. This lack of direction has been accompanied by deteriorating sentiment among traders, partly due to multiple rejections at the 50-day SMA. Additionally, momentum indicators are currently skewed to the downside, further adding to the bearish outlook for BTCUSD.
Despite the current sideways movement, there are key support and resistance levels that traders should keep an eye on. Immediate support is seen at the April bottom of 56,483, with a potential violation opening the door to the July low of 53,250. A further downside move could target the six-month low of 49,450, which was registered in August. On the upside, a bullish scenario could see BTCUSD testing the recent rejection region of 61,850, located near the 50-day SMA. A break above this level could lead to a test of the April hurdle of 67,270, followed by potential resistance around the July peak of 70,015.
The technical outlook for BTCUSD remains bearish, with the death cross between the 50-day and 200-day SMAs further confirming the negative sentiment. The failure to reclaim the 200-day SMA indicates that the short-term bearish picture is likely to persist unless there is a significant move back above this key moving average.
BTCUSD has been stuck in a sideways trading pattern, with sentiment deteriorating and momentum indicators pointing to further downside potential. Traders should closely monitor the key support and resistance levels mentioned above to gauge potential price movements. The current technical outlook suggests that the bearish sentiment is likely to prevail unless there is a strong move above the 200-day SMA to shift the short-term picture.
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