An analysis of the current price of Bitcoin shows that the BTC / USD is falling again as the price has repeatedly crossed the $ 21,000 level. According to chain analysis, sellers are relentless near higher price levels. The technical indicators in the hourly charts are neutral, meaning that a new direction is on the way down.
The downtrend will certainly be longer because traders are reluctant to buy more BTC. The June 18 drop below $ 18,000 is attracting sellers, as a loss of $ 4.23 billion a day may spark retaliation. Many cryptocurrency experts believe that bitcoin surrender is well under way.
Bitcoin price analysis in the last 24 hours: Traders bet at lower levels
Bitcoin whales are back in action because buying them is a spark for uptrend in hourly charts. The bottom may be close because traders predict a decline in the current downtrend. BTC demand for whales may not have a significant impact on the market right now, but it can certainly build market confidence in the short term.
So, can cows return bitcoin price analysis to positive territory? As trading volume is low, it is too early to suggest any drastic price revisions. An uptrend in the hourly charts forms a Doji candle, indicating that uncertainty in the hourly charts only reduces the spark of a candle.
Bitcoin / US Dollar 4-Hour Chart: No decision indicates bears are sitting on the sidelines
These feelings are negative because traders are sitting on the fence. Partial bull movements only make bears interested in selling at higher prices. As traders flock daily to any uptrend that remains on the charts, small gatherings are sold.
If cows can confidently raise the price of BTC / USD on hourly charts above $ 21,000 over a two-day period, it is likely that cows will be able to raise their price over several days. Chain analysis shows that cows are also buying nearly $ 20,000 for accumulation, which could create a safe wall near the $ 20,000 dam.
A 20-day moving average of close to $ 22,900 guarantees that any sharp price increase will be sold by the bear according to the Bitcoin price analysis. The $ 24,000 level represents the 50% Fibonacci level of correction and indicates that the bull will have a hard time climbing higher. Tough resistance at the $ 24,000 dam will only drive cows slower because it ensures a queue of repeat sales orders on hourly charts.
Conclusion Bitcoin price analysis: Technical indicators show more pain in the store
A series of technical indicators in hourly charts show that the bitcoin / dollar pair is on the verge of another round of sales. The RSI near 35 indicates a recession in addition to acting as an invitation for the bear. The daily charts show a silver lining as the pair plans to jump to a higher 50-day moving resistance at $ 22,900.
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