Bitcoin is starting to trend lower since last week’s selloff, creating a descending channel with its lower highs and lower lows on the 4-hour time frame. Price is down to the mid-channel area of interest after recently bouncing off the resistance.
A break below this near-term floor could spur a slide all the way down to the channel bottom at the $3,00 major psychological mark. The swing low at the $3,200 level could also attract some buyers.
The 100 SMA is still above the longer-term 200 SMA for now to indicate that the path of least resistance is to the upside. In other words, there’s still a chance for support to hold and spur a bounce back to the resistance at the $4,000 handle.
However, the gap between the indicators is narrowing to signal weakening bullish momentum. A bearish crossover could encourage sellers to pile on and carry on with the slide. Price is also moving below both moving averages to signal the presence of bearish pressure.
RSI is already in the oversold region…
Read Full Story : Ethereum World News