Technical Analysis – BTCUSD steady near 50-SMA; bias negative
July 26, 2023 2:27 pm
BTCUSD (Bitcoin) switched to silent mode after Monday’s plunge to a one-month low of 28,842, with the price trading almost flat over the past two days.
The latest pullback followed a rejection near the 30,000 psychological mark and the 20-day simple moving average (SMA) but the 50-day SMA managed to minimize losses around 29,136. Nevertheless, the technical indicators keep favoring the bears at the moment, promoting a continuation lower as the RSI is extending its downtrend below its 50 neutral mark and the MACD is decelerating below its zero and signal lines.
Should sellers claim the 50-day SMA, support could next develop somewhere between 28,460 and 28,000. Additional declines from there could sink the crypto towards the 2023 ascending trendline currently seen around 27,000. Not far below, the 200-day SMA could be another important spot at 26,363.
If the price re-enters its previous range area above 29,420, it may face another tough battle near the 20-day SMA at 30,000. A decisive close higher and above the nearby resistance of 30,330 could provide direct access to the 31,400 bar. If the uptrend resumes above the 31,827 peak, the next obstacle could pop up within the former restrictive zone of 32,700-33,000.
To sum up, the short-term bias for BTCUSD remains skewed to the downside despite the current sideways move in the price. Specifically, a close below the 50-day SMA could bring selling pressure back into play.
BTCUSD (Bitcoin) switched to silent mode after Monday’s plunge to a one-month low of 28,842, with the price trading almost flat over the past two days.
The latest pullback followed a rejection near the 30,000 psychological mark and the 20-day simple moving average (SMA) but the 50-day SMA managed to minimize losses around 29,136. Nevertheless, the technical indicators keep favoring the bears at the moment, promoting a continuation lower as the RSI is extending its downtrend below its 50 neutral mark and the MACD is decelerating below its zero and signal lines.
Should sellers claim the 50-day SMA, support could next develop somewhere between 28,460 and 28,000. Additional declines from there could sink the crypto towards the 2023 ascending trendline currently seen around 27,000. Not far below, the 200-day SMA could be another important spot at 26,363.
If the price re-enters its previous range area above 29,420, it may face another tough battle near the 20-day SMA at 30,000. A decisive close higher and above the nearby resistance of 30,330 could provide direct access to the 31,400 bar. If the uptrend resumes above the 31,827 peak, the next obstacle could pop up within the former restrictive zone of 32,700-33,000.
To sum up, the short-term bias for BTCUSD remains skewed to the downside despite the current sideways move in the price. Specifically, a close below the 50-day SMA could bring selling pressure back into play.
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