Bitcoin price analysis: Say “hello” to $5,000 as BTC/USD settles below $5,200 handle

  • BTC/USD is sidelined in a new range under $5,200. 
  • The intraday RSI implies a short-term recovery. 

Bitcoin is changing hands at $5,177 at the time of writing, mostly unchanged since this time on Sunday. The largest digital asset has been consolidating losses since a sudden collapse on April 25 potentially caused by Tether-Bitfinex allegations.  

Bitcoin’s technical picture 

Looking technically, BTC/USD managed to recover from the recent low of $4,968. An upward-looking intraday SMA implies that the coin may continue moving higher, however, the further upside is limited by the broken channel support currently at $5,245. This barrier serves as a strong initial resistance that needs to be taken out before we can proceed to the next bullish aim at $5,300 closely followed by SMA50 (4-hour) at 5,311. 

On the downside, the initial support is seen at $5,100. This area, strengthened by the lower boundary of 4-hour back inside the range. Once it is cleared, the sell-off may be extended towards psychological $5,000 and SMA200 (4-hour) currently at $4,964. 

BTC/USD, 4-hour chart 

TREND INDEX Bearish

 

OB/OS INDEX Neutral
VOLATILITY INDEX Low


KEY LEVELS

    1. R3 5325.57
    1. R2 5269.74
    1. R1 5213.51
  1. PP 5157.69
    1. S1 5101.46
    1. S2 5045.64
    1. S3 4989.41


Bigwig Fx
Author: Bigwig Fx
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