- BTC/USD embarks on another sideways trading action between $4,007.08 and $4,040.00.
- The trend on the upside remains elusive to the bulls
- Bitcoin bearish bias continues to limit upward movement.
Bitcoin price short-term outlook – BTC/USD 1-hour chart
BTC/USD is trending slightly lower on Friday ahead of the weekend trading sessions. The upside action is supported by the rising trendline while the 50 SMA 1-hour is offering immediate support at $4,008.00. A quick glance at the 1-hour chart shows that BTC/USD has embarked on another sideways trading action between two key levels:
Support 1: $4,007.08
Resistance 1: $4,040.00
Bitcoin is currently gradually breaking down towards the support 1 and could retest the critical $4,000 in the mid-morning (GMT) session. Further downside movement is likely to continue towards other key support zones:
Support 2: $3,980.00
Support 3: 100 SMA 1-hour
Key support: $3,880.00
Bitcoin Price Technical Analysis Chart Source: Tradingview
The trend on the upside remains elusive to the bulls. Following the rejection at the intraday high at $4049.75, there is more force pushing Bitcoin downwards than upwards. This is a sign of exhaustion on the side of the bulls. However, for continued upward action, we must see Bitcoin correct above the range resistance and target $4,190 in the short-term. As far as the current short-term trend is concerned, Bitcoin has a bearish bias.
BTC/USD 4-hour chart: Triangle Breakout looms
Bitcoin Price Technical Analysis chart source: Tradingview
The 4-hour timeframe chart shows Bitcoin in a sustained uptrend since the beginning of February. From the February lows around $3,340, BTC/USD embarked on a journey of breaking barriers above the 100 SMA at $3,451 and the 200 SMA at $3,574.79.