BTCUSD – Major Bears Pause, Consolidation Limited by 200DMA

The larger bears are taking a breather for the fourth consecutive day, holding above the lowest levels since late February.

The technical picture on the daily chart remains firmly bearish, with consolidation being capped by the 200 DMA, converging with the falling 10DMSA, and attempting to form a death cross, which would further reinforce the bearish structure.

However, the long tails of recent daily candles indicate strong bids that partially offset bearish pressure and maintain an extended sideways mode.

Near-term action should ideally remain capped by the 200DMA (58527), with extended upticks not exceeding the psychological 60K barrier. This would keep bears in play and offer better levels to re-enter the bearish market.

A violation of recent spike lows would open the way for an extension towards the next targets at 52K and 50K (Fibo 61.8% of the 38501/73839 upleg / psychological) respectively.

Res: 58528; 59458; 60000; 60340
Sup: 56450; 56170; 54251; 53142