• BTC/USD is sidelined in a new range under $5,200.

• The intraday RSI implies a short-term recovery.

Bitcoin is changing hands at $5,177 at the time of writing, mostly unchanged since this time on Sunday. The largest digital asset has been consolidating losses since a sudden collapse on April 25 potentially caused by Tether-Bitfinex allegations.

Bitcoin’s technical picture

Looking technically, BTC/USD managed to recover from the recent low of $4,968. An upward-looking intraday SMA implies that the coin may continue moving higher, however, the further upside is limited by the broken channel support currently at $5,245. This barrier serves as a strong initial resistance that needs to be taken out before we can proceed to the next bullish aim at $5,300 closely followed by SMA50 (4-hour) at 5,311.

On the downside, the initial support is seen at $5,100. This area, strengthened by the lower boundary of 4-hour back inside the range. Once it is cleared, the sell-off may be extended towards psychological $5,000 and SMA200 (4-hour) currently at $4,964.

BTC/USD, 4-hour chart

 

 

Tanya Abrosimova

FXStreet

Alan Zibluk Markethive Founding Member