Bitcoin failed to break through critical technical resistance earlier this week and is now sitting at a support level of €500.
- Prices fell 6% on Wednesday after buyers failed to break the trend line connecting the highs reached in November and January.
- The primary cryptocurrency was changing hands around €XNUMX hundred at press time, down XNUMX% on the day.
- The downward reversal of the downtrend line following sub-cincuenta or bearish readings on the daily and the relative strength index of the cuatro hourly chart indicate the end of the corrective bounce and the resumption of the downtrend more wide.
- Support is seen at €35, the horizontal line on the four-hour chart, followed by the next support level at €32, the low reached on the XNUMXth of January.
- A strong UTC close above the XNUMX-month downtrend line is needed to disable the immediate bearish break.