On the daily chart below, we can see that Bitcoin has been falling ever since it got to the strong 30K level, which is a key weekly support turned resistance. The price consolidated for a bit just beneath that level awaiting some fundamental catalyst to push it higher, but instead started to get strong US data that sent BTC/USD lower. The consolidation formed a symmetrical triangle, that upon a breakout lower, saw the price falling quickly to the next support at 25231.

The moving averages are now crossed to the downside confirming the bearish trend and the red long period moving average Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term should act as dynamic resistance going forward. It’s also worth noting that the whole post-SVB collapse rally diverged with the MACD, so all else being equal, we might see a deeper correction into the 21500 level.

BTCUSD Technical Analysis

On the 4 hour chart below, we can see that the selloff after the triangle breakout stopped near the 25231 support where we got a bounce into the 38.2% Fibonacci retracement level. The price started to range awaiting new catalysts to push it in either direction. We got one last Tuesday when the US Services PMI saw a huge beat to the expectations and sent Bitcoin lower. The target for the sellers is now the 25231 support, but if the data keeps beating forecasts, we should see much lower prices ahead.

On the 1 hour chart below, we can see that BTCUSD broke below the bottom of the recent mini range and it may now pull back to retest the support now turned resistance before another move lower. In fact, we should see the sellers lean on that 26480 level with defined risk just above it to target a fall into the 25231 support. The buyers, on the other hand, may want to see the price to return back within the range to pile in and target the 38.2% Fibonacci retracement level.