BTC/USD traded lower today, after hitting resistance at 52800. However, the crypto is still trading above the upside support line drawn from the low of July 20th and thus, we would consider the short-term trend to still be positive.
Even if the slide continues for a while more, we see decent chances for the bulls to take charge again from near the upside support line. This may result in a rebound back near the 52800 zone, where a break would confirm a forthcoming higher high and may see scope for extensions towards the 58000 territory, which is defined as a resistance by the May 12th.
Looking at our short-term oscillators, we see that the RSI turned down after hitting its 70 line, and is now very close to its equilibrium barrier of 50, while the MACD, although positive, has turned down and fell below its trigger line. Both indicators detect slowing upside speed and support the notion for some further retreat before, and if, the bulls decide to take full control again.
The move that would change the outlook to a negative one may be a dip below the low of September 3rd, at 48175. This may confirm the break below the upside support line drawn from the low of July 20th, and may initially target the 46300 territory, which provided support between August 26th and September 1st. If the bears are willing to push the action even lower, then we could see a test at the 43650 zone, marked by the lows of August 12th and 19th, the break of which could pave the way towards the inside swing high of August 5th, at 41360.
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