The price of BTC has been rejected from the important 200-day moving average, bringing the rise to a halt and retest the EMA 89 frame daily. Historically, The 200 day moving average as dependable support in bull markets and strong resistance in bear markets. After the decline from the moving average, the price plummeted to touch 0.5 Fibo at $42,800.
Looking at the 4h Frame price is trading below EMA 34,89 showing a short-term downtrend. The continuous candles show the confusion between buyers and sellers. However, if you look at the volume, the sellers still prevail. The 4-hour RSI is moving up to the positive zone, however, the 1-hour RSI is refusing to rise and is sideways around the 50 mark.
For now, if the price loses the lower boundary of the trend line below $42,700, the $41,500 level could be the next support, and if this level also fails to hold the price, a retest of the bottom of the flag and the $36,000 area would be imminent.
Signal: Frame 1-4h down, frame D up
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Alan
Coincu Ventures
Kamino Finance is a decentralized finance (DeFi) protocol on the Solana network, designed to offer…
Terraform Labs fraud fine is being opposed by the firm for the amount of $5.3…
If you’re looking for the best cryptos under $1 with 1000x potential, these 7 projects…
BlackRock Bitcoin ETF, IBIT, saw a $36.6 million outflow, leading a broader trend of U.S.…
Using the Bitcoin Inscription DID method, the MicroStrategy decentralized ID platform reduces transaction fees and…
LayerZero airdrop had a new development when the initial snapshot was completed, signaling upcoming token…
This website uses cookies.