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Bitcoin lost over $ 4000 in one day, what’s the low point?

                                                            Nachdem der Preis am Montag bei 52.000 US-Dollar geknackt hatte, hatte Bitcoin in nur einem Tag über 4000 US-Dollar verloren.  Tritt BTC in eine tiefere Korrektur ein oder wo ist der lokale Tiefpunkt?

This is what awaits you in this article

Technical analysis

Short term analysis

Last week, Bitcoin price broke a medium-term descending trendline on the 4-hour timeframe. After completing a pullback, the price rose again and touched the resistance from $ 52,000 (Monday).

However, the market did not have enough momentum to continue the rally (low volume) and the bears won the battle. For now, BTC is supported by the static support zone – as can be seen in the graphic below.

If BTC loses the first support zone, the range of $ 45,000 to $ 46,000 will be the next critical support level. Also, if we look at the RSI indicator, we can see that the lower band of the Bollinger is approaching the oversold area; Hence, we will likely see a positive correction at some point.

Daily analysis

Bitcoin failed to break out of the Ichimoku cloud in the daily timeframe. Well had the primary Cryptocurrency Tenkan-Sen lost as support.

Based on the historical reactions price has shown earlier, Bitcoin will need to break above the Ichimoku cloud to regain its bullish momentum. As shown in the graph below, the green zones can serve as strong levels of support in the daily timeframe.

Bitcoin lost over $ 4000 in one day, what’s the low point?, Crypto Trading News

Onchain analysis

Currently, 26% of the supply is in the red. Historically, the market posted a 32% loss in July to a low of $ 29,000.

Hence, there is a high chance that the range of $ 40,000 to $ 42,000 will be retested and likely to hit a local low in the medium term. In fact, the lowest level was reached during the March 2020 COVID crash, when almost 60% of supply was lost.

Bitcoin lost over $ 4000 in one day, what’s the low point?, Crypto Trading News

The above analysis was created exclusively for CryptoPotato by analysts @GrizzlyBTClover, @N__E__D__A and @CryptoVizArt.


Source: Crypto News Deutsch

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