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- BTC / USD loses 5% in a few hours.
- The coin must return above the final resistance $ 4000.
Bitcoin has fallen like a stone before the European opening. The first digital currency is traded below the $ 3,800 handle, losing almost 5% in just a few hours. Altcoin like Ethereum, Bitcoin Cash and Dash are driving the decline, even if there are not readily available reasons to justify the sale.
Earlier we reported that Bitcoin is on the verge of a breakthrough. It seems that the forecast has hit the spot.
BTC / USD, technical framework
From a technical point of view, BTC / USD fell below all SMAs on the 1 hour chart, which could be considered a short-term bearish signal. Local support comes to $ 3,756 (the intraday low and a consolidation area on January 4) and followed by $ 3,500.
It is worth noting that both the RSI and Momentum indicators have entered a red zone confirming the negative momentum. RSI of now remains in oversold territory with no signs of inversion.
The price must recover over $ 3,850 (SMA200, 1 hour) to improve the short-term technical configuration and pave the way for $ 3,900 held by the SMA100 and $ 4,000.
BTC / USD, 1 hour
