 After falling sharply during last weekend, Bitcoin managed to rise to levels above $50k raising hopes that it will rise even further. However, the rally was short-lived and Bitcoin dropped once again to find support at 200 DMA. 200 DMA is currently at around $46.5k. Bitcoin continues to trend downwards in a channel. RSI is near oversold on the daily chart. Bitcoin will face resistance between $53k and $54k in my opinion and then at 50 DMA.  On the 4-hour time frame, the situation looks more negative. Bitcoin is clearly in a downtrend and has also formed a bearish flag pattern from which it broke downwards confirming the pattern. It is also on the verge of forming a small head and shoulders pattern that if confirmed, will signal a further downtrend. RSI is the only thing positive but can be ignored in front of other signals. US inflation data will come out today and a surprise to the higher side can spook markets about FED action. Both the US Dollar index and long-term rates are inching higher in expectation of ~7% print. That will also impact Bitcoin in the short run. That is a key macro risk to Bitcoin's chances of any reversal in the short term. Any high number will make the markets feel that the US FED will withdraw liquidity from the markets sooner than expected, causing all risk markets to correct a bit. Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@karamyog/bitcoin-finds-support-at-200-dma)
| author | karamyog |
|---|---|
| permlink | bitcoin-finds-support-at-200-dma |
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| author | indiaunited |
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