The mid-week session advances while the Bitcoin price continues in a downward trend. Although we had mentioned that BTC had the possibility of recovering the percentage lost since last Sunday, everything indicates that it is looking for a support in the $3500.
The problem with this type of movement is the distrust that is generated. While the BTC retracement has been slow this does not prevent new buyers from refraining from entering for fear of a further fall.
- Bitcoin moves below $ 3570
- There is indecision in the market
- BTC still remains above the MA 200
Analyzing the BTC/USD chart in 4-hour time, we can see how the RSI remains just over 50%. We must be alert to the possible crossing of moving averages EMA 9/26 which if confirmed would take us to a bearish area with probabilities of touching the support of $ 3500.
As in the previous analyzes, I believe that the best point of purchase is when BTC breaks up the $ 3650 with a possible target in $ 3750 or even $ 3800.
BTC is very likely to recover the loss suffered during this week; it all depends on the movement before Friday.
- Moving Averages EMA 9/26
- RSI (Relative strength index) 51%
- Support $ 3500
- Resistance $ 3750