Institutional Players Dodging up Bitcoin Retail Investors

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The daily technical chart of BTC crypto price action plunges below the EMA-50 for the first time this year. Investors can observe in the chart mentioned above every time Bitcoin used to take support from the EMA-50 (red line) and bounce back to the higher levels, but this time trend got reversed. According to pivot points , Bitcoin’s critical support levels are $48000, $38750, $30500. Whereas if it moves upside, the crucial resistance to watch is $65970, $74280, $83750. Besides, the chart also features a bearish engulfing candle showing a definite bearish trend with high reliability.

The Exponential Moving Average ( EMA ), consisting of EMA 20 & 50, acts as solid support in the coin’s price. EMA 20 is very close to both the EMA intersecting below the EMA-50 line, indicating the beginning of bearish momentum. Investors may perceive the price is also below the EMA . So until the price remains below both EMA , it will ensure Bitcoin’s negative momentum.

The RSI indicator ( Bearish ) with the value of 39. 40 indicates a sell signal in the coin, and the RSI line is going down from 55 to 39 on intraday session considered to be under selling pressure. It may plunge in short-term trading sessions.

The volume of (14.74K) showcases below the Volume MA (8.75K) of 20-days. The investors in Bitcoin are booking profits in the order book, which results in the fall of BTC . Investors may also observe constant volume in the chart, indicating minor signs of recovery.
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What a great analysis . Very detailed , and easy to follow . I really enjoy these types of reports because it gives me something legitimate to test my own charts and technical analysis against . Thank you for sharing .
+1 Reply
@bm8ter, Your welcome please follow our other charts also Thank you.