Bitcoin (BTC)Crypto News

BTC tumbles 10% in one day, here is the next critical support

                                                            Bitcoin hat die Unterstützung von 37.000 $ nach unten durchbrochen, als der Preis gestern um mehr als 10 % einbrach.  Dies könnte ein rückläufiges Szenario in Richtung der 30.000-Dollar-Nachfragezone auslösen.

Technical Analysis

From: Edris

Daily chart:

Given the current market structure, the 100-day and 50-day moving averages look likely to form a bearish cross over the next few days, further adding to the selling pressure.

On the other hand, if the price can close above the $37,000 level soon, the bearish breakdown would be considered wrong and could result in a recovery towards $40,000. The RSI is also touching the oversold territory, suggesting a possible bullish pullback and a local bottom before the bearish trend may resume further.
BTC tumbles 10% in one day, here is the next critical support, Crypto Trading News TradingView
The 4 hour chart

On the 4-hour timeframe, the price has been forming a falling wedge for the past few weeks after rejecting the $43,000 area. It broke out of the falling wedge before impulsively falling back, invalidating the pattern.

This fake breakout has resulted in a decline in the sizeable bearish flag that has been forming over the past few months. This behavior suggests a bearish continuation in the near term and the price could make a fresh lower low below the previous low of $33,000.

The RSI has also entered oversold territory on this time frame, a signal that could lead to consolidation or a bullish pullback in the near term before the next bearish leg.
BTC tumbles 10% in one day, here is the next critical support, Crypto Trading News TradingView
On-Chain Analysis

From: Edris

Bitcoin exchange reserve

Bitcoin price saw a massive 10% drop yesterday and broke below the $37,000 support. Bearish sentiment is starting to take over the market again as investors fear a continuation towards $30,000 and above.

Meanwhile, the currency reserve has fallen sharply in recent months as bitcoins have been regularly withdrawn from exchanges. Interestingly, amidst this aggressive accumulation and the possibility of a supply shock, the price is still falling.

This structure indicates the lack of demand in the market given the economic and geopolitical uncertainty around the world. Additionally, the futures market has played a massive role in this crash as a long push occurred yesterday that caused the price to drop rapidly.
BTC tumbles 10% in one day, here is the next critical support, Crypto Trading News CryptoQuant

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button