- Failure for Bitcoin to break above $4,000 and sustain growth towards $4,200 is contributing to the current downtrend.
- RSI and the MACD on the 1-hour chart show that the bulls are gaining traction.
Bitcoin corrected below an established supported at $3,920 on Monday. The move was nothing but a confirmation of a bearish trend reversal had been forming in the last few days. The slide resulted in a drop below the 50 SMA 1-hour currently at $3,938.09. Bitcoin struggled to defend the next support target at $3,900, however, the tightening sellers’ grip sent Bitcoin to a 10-day low at $3,857.51 yesterday. The bear move had Bitcoin ejected from a recent trading range between $3,920 and $4,057.