Bitcoin switched its neutral sentiment to bearish one yesterday. The coin started the day at 4000 and stayed here the night. A fresh bearishness emerged in the morning and the crypto currency dropped to 3800 and paused its decline for a while. Sellers tightened grip at the NY opening and sent the spot to the 3600 level where they lost strength.
The moving averages remained in the 3800 area. The EMA200 kept heading lower, while the EMA50 and the EMA100 started to change its course. MACD entered the negative area. Stochastic reached the oversold levels. The resistance stands at 3800, the support is at 3600.
The longer term outlook will be bearish as long as the price holds below 4000. Bitcoin is weak and is prone to record fresh losses any time now. If sellers break below 3600, the price may fall further that should send this market looking for the 3400 level.