Bitcoin has been locked in an unusually narrow range for 114 consecutive days, and the volatility index has fallen below 0.90, hitting a multi-month low. Based on historical experience, this "spring" that has been compressed to the extreme may break free at any time, and a sharp fluctuation of 10% to 20% is expected to occur next.
The short-term moving averages EMA15 and EMA30 are flat and intertwined, while EMA120 above forms strong resistance. Every time the price rebounds to the vicinity of the moving average, it is easy to encounter resistance and fall back. The MACD indicator's DIF briefly crossed above the DEA, forming a short-term golden cross. The red bars showed a slight increase in volume, but this only reflected a weak rebound momentum and lacked the strength for a sustained upward attack. A "bearish continuation" pattern appears to be the more probable outcome.
The $72,000 area is currently recognized as a key support level in the market. If this area is breached, prices may fall further to $70,000 or even lower.
The short-term moving averages EMA15 and EMA30 are flat and intertwined, while EMA120 above forms strong resistance. Every time the price rebounds to the vicinity of the moving average, it is easy to encounter resistance and fall back. The MACD indicator's DIF briefly crossed above the DEA, forming a short-term golden cross. The red bars showed a slight increase in volume, but this only reflected a weak rebound momentum and lacked the strength for a sustained upward attack. A "bearish continuation" pattern appears to be the more probable outcome.
The $72,000 area is currently recognized as a key support level in the market. If this area is breached, prices may fall further to $70,000 or even lower.
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As analyzed yesterday, if BTC fails to hold above $72,000, it will pull back to below $70,000. Currently, it has touched a low of around $69,250. I hope that all traders who watched my analysis seized this opportunity.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.