BTC/USD traded lower this week, after hitting resistance at 52115 on Monday. The pair seems to be trading in a sideways range between that barrier and the 45040 support since December 5th. However, in the bigger picture, it is still below the prior upside support line drawn from the low of July 20th, something that keeps the short-term picture cautiously negative.
A clear and decisive break below 45040 would confirm a forthcoming lower low on the daily chart and could initially pave the way towards the low of September 29th, at 40740, or the low of September 21st, at 39400. If the bears are not willing to stop there, a break below the latter barrier could extend the fall towards the low of July 26th, at 34440.
Looking at our short-term oscillators, we see that the RSI turned down after hitting resistance at 50, while the MACD, although above its trigger line, lies within its negative territory, turned down, and looks ready to fall below its trigger soon. This means negative momentum in terms of both indicators, and increases the chances for another round of selling in Bitcoin.
In order to start examining whether the bulls are back in the driver’s seat, we would like to see a strong rebound back above 59340, which is marked as a resistance by the highs of November 24th and 30th. The coin will already be back above the pre-discussed upside line and may initially travel towards the 62615 zone, which acted as a support on November 10th, the break of which could carry extensions towards the high of November 15th, at 66100. If traders are not willing to stop there, then we could see them climbing towards the record of 68920, hit on November 10th, or even the psychological round figure of 70000.
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