The bearish leg continued, most likely triggered by the colossal liquidation of long positions on derivative exchange platforms as observed. Bitcoin extended the downward action near $45,000, whereby support is anticipated.
Nonetheless, we cannot ignore the vivid bearish picture considering the short timeframe analysis. For instance, the Moving Average Convergence Divergence (MACD) emphasizes the massive bearish view.
As the price dropped from weekend highs, the MACD closed the gap back to the mean line. Currently, the momentum calculator has slipped into the negative region, suggesting that sellers are dominantly in control.
Let's expect a rejection of this bearish move and a move up.
Nonetheless, we cannot ignore the vivid bearish picture considering the short timeframe analysis. For instance, the Moving Average Convergence Divergence (MACD) emphasizes the massive bearish view.
As the price dropped from weekend highs, the MACD closed the gap back to the mean line. Currently, the momentum calculator has slipped into the negative region, suggesting that sellers are dominantly in control.
Let's expect a rejection of this bearish move and a move up.