Bitcoin fell again to the key support level of $25,250 on 10 June, indicating that the shorts are under pressure. Repeated retests of support levels within a short period of time tend to weaken it.
The downward sloping moving averages and negative area of the Relative Strength Index (RSI) indicate that the shorts are in control. If the support area between $25,250 and $23,896 collapses, there could be a panic sell-off in the BTC/USDT pair. The pair could then plummet to the important psychological level of $20,000. Buyers should do all they can to protect this level.
If the bulls want to prevent a sharp fall, they will have to quickly push the price above the 20-day exponential moving average ($26,721). Such a move would indicate strong demand at lower levels. The pair could rise first to the 50-day simple moving average ($27,464) and then to the resistance line of the channel. Buyers would have to push the price above that level to indicate a resumption of the uptrend.
The 4-hour chart shows a sell-off at the 20-EMA after a rebound from the support level at $25,250. This suggests that the shorts are not giving the bulls any chance to make a comeback. The shorts will have to bring the price below $25,250 to further consolidate their positions.
Conversely, if the price rises and breaks the 20-EMA, the pair could rally to the 50-SMA and if it breaks this level, the pair could rise to $27,400.
The downward sloping moving averages and negative area of the Relative Strength Index (RSI) indicate that the shorts are in control. If the support area between $25,250 and $23,896 collapses, there could be a panic sell-off in the BTC/USDT pair. The pair could then plummet to the important psychological level of $20,000. Buyers should do all they can to protect this level.
If the bulls want to prevent a sharp fall, they will have to quickly push the price above the 20-day exponential moving average ($26,721). Such a move would indicate strong demand at lower levels. The pair could rise first to the 50-day simple moving average ($27,464) and then to the resistance line of the channel. Buyers would have to push the price above that level to indicate a resumption of the uptrend.
The 4-hour chart shows a sell-off at the 20-EMA after a rebound from the support level at $25,250. This suggests that the shorts are not giving the bulls any chance to make a comeback. The shorts will have to bring the price below $25,250 to further consolidate their positions.
Conversely, if the price rises and breaks the 20-EMA, the pair could rally to the 50-SMA and if it breaks this level, the pair could rise to $27,400.