Bitcoin Faces Bearish Pressure as Technical Weakness Persists
Bitcoin (BTC/USD) is experiencing additional bearish pressure as it continues to establish lower highs and lower lows, indicating technical weakness. The selling pressure has driven BTC/USD to a low of 26963.65, temporarily trading below the 61.8% retracement of its recent appreciating range. Stops were triggered below key areas during the depreciation, with downside price objectives associated with recent selling pressure. Further downside price objectives include several levels below the market.
Technical Resistance and Selling Pressure Levels to Watch
There are areas of technical resistance and potential selling pressure that traders should keep an eye on. These levels include several key points above the market, where stops are cited. Technicians are closely monitoring three significant technical levels that relate to previous selling pressure.
Moving Averages Indicate Bullish and Bearish Signals
Traders have observed that the 50-bar MA (4-hourly) is signaling bullishness above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). However, the 50-bar MA (hourly) is indicating bearishness below the 100-bar MA (hourly) and the 200-bar MA (hourly).
Price Levels and Technical Support/Resistance
The price activity is currently closest to the 100-bar MA (4-hourly) and the 50-bar MA (hourly). Technical support is expected at specific levels, while technical resistance is anticipated at other levels.
Technical Analysis on Charts
The SlowK indicator on the 4-hourly chart is bullishly above SlowD, while MACD is bearishly below MACDAverage. On the 60-minute chart, the SlowK indicator is bearishly below SlowD, while MACD is bullishly above MACDAverage.
Hot Take: Bitcoin Faces Technical Weakness and Selling Pressure
Bitcoin is currently facing technical weakness and selling pressure as it continues to establish lower highs and lower lows. Traders should be cautious as the cryptocurrency encounters resistance levels and potential selling pressure. Moving averages indicate both bullish and bearish signals, reflecting the uncertainty in the market. It is crucial to monitor price levels and technical support/resistance for potential trading opportunities. Overall, Bitcoin’s performance will depend on how it overcomes these challenges in the near future.
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