The price of a product will drop after a certain amount. Bitcoin Its downward motion has been continuing. It has fallen by more than 6% since its high after the coin failed to breach the 100 day Simple Moving Average.
Does the BTC price continue to go down or does it start going up?
BTC is currently trading at $62,972 (about 28% lower from its highest point) and has fallen by 1.27 % in the last day. On the four-hour chart the price has fallen below the SMA 100, but on the daily graph it still remains above this SMA.
The Current Status of Indicators and What They Suggestions
Looking at the chart, technically a support level and a resistance level of $59,653 and $67,255 were formed respectively. There could however be additional support. resistance levels Created if price keeps moving downward.
As can be seen from the picture below, a technical analysis of the chart on the four-hour timeframe reveals that price is moving below the average 100 day. It is possible that this price trend could continue to move downward.
Indicator 4-Hour RSI : This indicator shows a trend of downwards movement, as it has been crossed below 50% and the RSI is now trending down.
MACD indicator On the chart of the four-hour time frame, the MACD isotopes also indicate that price may continue to decline as they are moving below the MACD zero line. As shown in the image above, both the MACD line as well as the Signal line has crossed below the MACD Zero line.
Potential Outcome
It is possible to conclude that Bitcoin price remains bearish, and it may continue its downward movement.
Bitcoin will continue downward If it breaks down below $59653, there could be a significant correction that creates a brand new support. Price could begin a downward correction to $67,255 if price doesn’t break this level. However, price can start upward movement if price breaks above the level.
Featured Image from iStock. Chart by Tradingview.com
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