Bitcoin CRYPTO MARKET
Btc support: 15000 & 12500
Btc Resistance: 17500 & 22500
Bitcoin is in a falling trend channel in the medium long term. This shows that investors over time have sold at lower prices to get out of the currency, and indicates negative development for the currency. The price has also broken a support level and given a negative signal for the long-term trading range. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 18700 points. Negative volume balance indicates that sellers are aggressive while buyers are passive, and weakens the currency. The currency is overall assessed as technically negative for the medium long term.
BTC was taking multiple supports around $17,500 to $18,000 (78.6 % Fibonacci level) and was showing good signs of recovery. However, the bulls struggled to break the key resistance of $22500 and after the FTX news, BTC witnessed a sharp correction and broke the long-held support making the weekly low of $15,588. On a weekly time frame, BTC has given a weekly closing below the key support of $17,500 and if it sustains below these levels then we can expect further downfall and the prices can drop to $12,500 levels.
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Analysis -
BTC closed its daily candle green at $16,619.
Looking at 1-hour timeframe, Volume is currently low. 20 EMA acted as resistance as observed from price action. BTC is trying to make 20 EMA as support which is around $16500. 100 EMA may act as resistance at $17,000.
Btc support: 15000 & 12500
Btc Resistance: 17500 & 22500
Bitcoin is in a falling trend channel in the medium long term. This shows that investors over time have sold at lower prices to get out of the currency, and indicates negative development for the currency. The price has also broken a support level and given a negative signal for the long-term trading range. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 18700 points. Negative volume balance indicates that sellers are aggressive while buyers are passive, and weakens the currency. The currency is overall assessed as technically negative for the medium long term.
BTC was taking multiple supports around $17,500 to $18,000 (78.6 % Fibonacci level) and was showing good signs of recovery. However, the bulls struggled to break the key resistance of $22500 and after the FTX news, BTC witnessed a sharp correction and broke the long-held support making the weekly low of $15,588. On a weekly time frame, BTC has given a weekly closing below the key support of $17,500 and if it sustains below these levels then we can expect further downfall and the prices can drop to $12,500 levels.
———————————————————————
Analysis -
BTC closed its daily candle green at $16,619.
Looking at 1-hour timeframe, Volume is currently low. 20 EMA acted as resistance as observed from price action. BTC is trying to make 20 EMA as support which is around $16500. 100 EMA may act as resistance at $17,000.