Crypto Technicals: BTC/USD grinds sideways above $5000 mark, traders remain wary as global uncertainty reigns
Mon, 16 Mar 2020, 04:04 am UTC
Technical Analysis: Intraday Bias Neutral
GMMA Indicator: Major Trend - Bearish; Minor Trend - Bearish
Overbought/ Oversold Index: Oversold
Volatility: Intraday volatility is low on the hourly charts
Support: 4771 (lower BB); Resistance: 5536 (200W MA)
BTC/USD is seen consolidating previous week's slump. The pair closed over 33% lower in the previous week.
Price action was extending sideways over the weekend and is rangebound in early Asian trade today.
Traders remain wary as global uncertainty continues to roil market sentiment. Bitcoin woes far from over.
Bears grip strongly intact. Price action has slipped below weekly 200 SMA and major and minor trend as evidenced by the GMMA remain bearish.
Oscillators are at oversold levels, but no major signs of reversal seen. Market sentiment is likely to remain the major driver for price action.
BTC/USD is currently holding the crucial $5000 mark. We see consolidation for a couple of sessions as price moves away from lower Bollinger band.
Breach below the $5000 mark could drag prices lower. Strong trendline support is seen at 4300. Break below will see test of 3128 (Dec 2018 low).
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