Bitcoin (BTC)Crypto News

This is the level BTC must break to reverse the downtrend (Bitcoin price analysis)

                                                            Der Abwärtstrend von Bitcoin hat nach einem schnellen Rückgang von 32.000 $ nach einem Ausbruch der rückläufigen Flagge angehalten.  Die Spanne von 17.000 $ bis 20.000 $ der Allzeithochs von 2017 fungiert als starke Unterstützung, was zu einer Preiserholung in Richtung der 24.000 $ und vielleicht der 30.000 $ bedeutenden Widerstandsmarke führt.

the cryptocurrency however, would also need to break the 50-day moving average on the upside before retesting the $30,000 level.

This is what awaits you in this article

Technical Analysis

By Edris

The daily chart

The price is showing signs of a reversal after printing several bullish candles during the intraday period. If these levels are retested and BTC is rejected down, it could send the cryptocurrency into another negative spiral.

On the other hand, if bearish momentum picks up at current prices, another impulsive move lower could begin and propel the market above the current support area towards $15,000. However, recent price action makes this particular scenario less likely.
This is the level BTC must break to reverse the downtrend (Bitcoin price analysis), Crypto Trading News TradingView

The 4 hour chart

On the 4-hour time frame, it is evident that the price has formed a descending channel in the $17,000-$20,000 support area, indicating a possible recovery as the pattern could be taken as a sign of a bullish reversal

The RSI oscillator had also signaled bullish divergence between the last few lows of the channel, further amplifying the possibility. If the price recovers from this level and confirms the breakout, another run towards the $24,000 resistance level could be expected.

On the other hand, if the price fails to complete the pullback and falls back into the channel, the pattern would be considered a failure. This could result in increased selling pressures and a break below the $17k-20k support area followed by a quick drop towards the $15k zone.
This is the level BTC must break to reverse the downtrend (Bitcoin price analysis), Crypto Trading News TradingView

sentiment analysis

By Edris

Bitcoin Funding Rates

The market has been in a long and intense downtrend for the past few months and this price drop has taken its toll on sentiment. It is definitely bearish and accompanied by negative funding rates in the perpetual futures market, indicating traders are aggressively shorting BTC as they anticipate ever-lower prices.

However, these periods of negative funding rates create a reasonable probability of a short squeeze, which begins after a bullish reversal and brief liquidation cascade. These short squeezes typically occur at price lows and initiate a bullish phase when price rises and generates high upside momentum.
This is the level BTC must break to reverse the downtrend (Bitcoin price analysis), Crypto Trading News CryptoQuant

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button