Bitcoin's price has once again been supported at a key level. However, the downtrend may not be over yet, as there are some very bearish signs on the
Bitcoin’s price has once again been supported at a key level. However, the downtrend may not be over yet, as there are some very bearish signs on the chart.On the daily timeframe, the price has been grappling with the $25K support level for quite a while now. It has rejected the price once more, and the market is seemingly targeting the 50-day and 200-day moving averages.
These indicators have finally demonstrated a bearish crossover around the $28K mark, with the 50-day dropping below the 200-day. This is a strong negative trend shift signal, and the price might finally break below $25K and even decline toward $20K.On the 4-hour timeframe, things look a bit better for BTC. The price has been forming a large falling wedge pattern with the lower boundary located at the $25K support level.
The RSI indicator is also showing a clear bullish divergence between the two recent price lows, adding to the probability of a bullish move in the short term. While the signals on the two timeframes analyzed in this post contradict each other, the higher timeframe is always stronger than the lower one. Moreover, Bitcoin’s market trend cannot be considered bullish again until it breaks the $30K level to the upside.
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