Bitcoin (BTCUSD) remains under pressure
The fall from the 58354.14 weekly high of 21 February is extending, with prices now pressuring the 43577.07 Fibonacci retracement.
Intraday studies and daily stochastics are oversold, suggesting short-term consolidation around here, but the proprietary Tension Indicator continues to track lower, suggesting further downside risks in the coming sessions.
A close below 43577.07 will add extra weight to sentiment and open up the 42000 monthly high of 8 January.
Risk, however, is for further slippage towards the 40089.68 retracement and 40000, before rising weekly charts prompt fresh consolidation.
Meanwhile, a break above 48000 would help to improve sentiment and delay downside risks. Subsequent focus would then turn to 52000.
Intraday studies and daily stochastics are oversold, suggesting short-term consolidation around here, but the proprietary Tension Indicator continues to track lower, suggesting further downside risks in the coming sessions.
A close below 43577.07 will add extra weight to sentiment and open up the 42000 monthly high of 8 January.
Risk, however, is for further slippage towards the 40089.68 retracement and 40000, before rising weekly charts prompt fresh consolidation.
Meanwhile, a break above 48000 would help to improve sentiment and delay downside risks. Subsequent focus would then turn to 52000.
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