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Bitcoin Turns Lower From Bearish Trendline, Support at $35.5K
Sellers look to regain control after bulls' failure to break through technical resistance.
Bitcoin failed to penetrate critical technical resistance earlier this week and is now staring at a support level of $35,500.
- Prices dropped 4.6% on Wednesday after buyers failed to push through the trendline connecting highs reached in November and January.
- The top cryptocurrency was changing hands near $36,400 at press time, representing a 1.3% drop on the day.
- The reversal lower from the bearish trendline in the wake of below-50 or bearish readings on the daily and the four-hour chart relative strength index indicate an end of the corrective bounce and resumption of the broader downtrend.
- Support is seen at $35,500 – the horizontal line on the four-hour chart – followed by next support level of $32,933, the low reached on Jan. 24.
- A convincing UTC close above the two and a half-month downtrend line is needed to invalidate the immediate bearish bias.
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Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
