Bitcoin engaged in sideways trading against the dollar in the short term, while settling below the resistance of 385.92, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 198.12 to 502.00), along with ongoing negative pressure from the SMA for the last 50 days period, while relative power indicators reached overbought levels, which points to more suffering ahead for the virtual currency.

Therefore we expect Bitcoin to slide in the coming trading as long as the resistance of 385.92 holds on, targeting the support of 350.06, which represents the ratio 50% of the same retracement levels.

Trend Bearish