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Bitcoin, on Tuesday, showed signs of weakness by laterally consolidating just over $ 3,500, its psychological support.
The BTC / USD now trades at 3734 fiat, up 1.58% from the previous day's close. Meanwhile, the pair is trading in a range not exceeding $ 230 wide. Although volatile, unstable price action remains stable compared to Bitcoin's performance over the past two weeks.
The CME Bitcoin Futures will also expire this week Friday. Fundstrat's Tom Lee had previously noted that the volatility in the Bitcoin spot market was increasing each time a contract was nearing its expiration date. Eventually, the price drops, finds support and picks up soon after the expiration date. It is expected that BTC / USD will again test new levels of support – perhaps to the range 3000-3500 fiat – even without any influence of futures, before bouncing back.
The US dollar, on the other hand, reached its highest level in two weeks after President Donald Trump threatened China with tariff increases. This could force investors to keep their greenback and avoid liquidating listed badets, including stocks, commodities and even crypto.
From now on, the pressure is obviously at 3500 fiat to maintain the minimal uptrend on the bitcoin market. The BTC / USD pair is already moving in a descending parallel channel, now in the middle of two equally strong levels. The current bearish momentum could allow the pair to first test the channel support and then see a rebound towards channel resistance. In another scenario, the BTC / USD exchange rate could be lower than the channel support and continue to fall to find the next support at 3000 fiat.
The bearish bias is also visible in the momentum indicator of the RSI, which has already reversed since 45, thus proving a sense of sales. The MACD, for the moment, is placed slightly in a bullish zone, which suggests a reversal anytime soon.
BTC / USD intraday badysis
The short-term BTC / USD moves into a symmetrical triangle, giving many day traders exit and entry tips and making attractive intraday profits. We are now moving away from the triangle resistance, which has allowed us to enter a short position towards the triangle support. Another pause below this support would open another short film, this time around 3560 fiat. In both positions, we will maintain our stop-loss at just $ 4-5 above the port of entry. This will help us avoid being chopped up during an unexpected price action.
Looking in the other direction, a break above the triangular resistance would cause us to target the exponential moving average at 200 periods as an intermediate target on the upside. Another pause and we would have another long opportunity towards 3818-fiat. In both positions, a stop-loss located just 4-5 dollars below the point of entry will define our risk management perspective.
Trade safely!
Selected image of Shutterstock.
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