BTCUSD started the day sharply on the downside, moving closer to the bottom of the Ichimoku cloud and further below the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart. The technical indicators are confirming the latest tweak as the MACD is strengthening its bearish momentum and the RSI is approaching the oversold zone.
In case of further bearish action, immediate support could come from the 7590 barrier and the 38.2% Fibonacci of 7500. If there is a close below the latter the bitcoin could find another obstacle between the 7145 support level and the 50.0% Fibonacci of 7016.
However, if the price manages to return above the 23.6% Fibonacci of 8095, the outlook would shift back to positive. Above this mark, the next target could be somewhere between the 20- and 40-SMAs currently at 8370 and 8510 respectively and near the upper surface of the Ichimoku cloud.
In the bigger picture bitcoin has a strong ascending tendency, while in the short-term the bias is negative.
