BTC/USD formed a fresh one-year trough today and is set to complete the eighth negative day in a row. The RSI and the MACD have both weakened, with the former dropping even lower in the oversold zone and the latter easing below its red signal line. Downside risks persist as both indicators continue to fluctuate in the bearish territory; the RSI below 30 and the MACD below zero.
Should the market extend losses, support could be met around the 4910 level, taken from the lows on October 2017. A significant leg below this area could send prices towards the 4460 support, identified by the one-year inside peak.
On the flip side, if the pair bounces up and surpasses the 5167 level, resistance could be met at the mid-level of Bollinger band near 5520. The next immediate hurdle is coming from the 5580 level, identified by the minor top on November 16. Steeper increases could drive bitcoin north towards 5750, paring some losses of the preceding week.
In the short-term, the bearish phase remains in play especially when BTC/USD dropped below the 6030 support, which overlaps with the 50-simple moving average (SMA) and the upper Bollinger Band.
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