Bitcoin (BTC/USD) looks for another leg lower

Bitcoin (BTC/USD) looks for another leg lower

Bitcoin has been trading in a consolidative phase around the 50 SMA at H1 chart and looks like it can start a corrective move anytime soon. If the cryptocurrency manages to break below the 200 SMA, we can expect another leg lower to test the demand area established between the $4032.52 and $3902.18, at which lies our Fibonacci projections of 50% and 65%.

With a rebound above that territory highly active for buyers, BTC/USD could make a rally towards the $4672.07 level, which corresponds to the -23.6% Fibonacci retracement level. RSI indicator remains in the positive territory.

BTCUSDmH1.png

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