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#BTC/USDT ANALYSIS:- Bitcoin (BTC) was trading lower on Wednesday, as prices continued to decline following a failed breakout of a resistance at $19,550.
Following a high of $19,655.75 on Tuesday, which saw BTC/USD move past the aforementioned ceiling, prices slipped to a low of $19,144.77 earlier today.
Wednesday’s drop sees the token move closer to a breakout below $19,000, with bears likely targeting a floor of $18,900.
Bearish sentiment has largely been present during what many are calling “red October,” with BTC trading below $20,000 for the majority of the month thus far.
Looking at the chart, the 10-day (red) moving average has extended its downward cross with the 25-day (blue), which could be a sign of further declines to come.
In addition to this, the 14-day relative strength index (RSI) is tracking at 45.50, on its way to a floor at the 44.00 point.
Sorry for my English it is not my native language.
Hit the like button if you like it and share your charts in the comments section.
Thank you
#BTC/USDT ANALYSIS:- Bitcoin (BTC) was trading lower on Wednesday, as prices continued to decline following a failed breakout of a resistance at $19,550.
Following a high of $19,655.75 on Tuesday, which saw BTC/USD move past the aforementioned ceiling, prices slipped to a low of $19,144.77 earlier today.
Wednesday’s drop sees the token move closer to a breakout below $19,000, with bears likely targeting a floor of $18,900.
Bearish sentiment has largely been present during what many are calling “red October,” with BTC trading below $20,000 for the majority of the month thus far.
Looking at the chart, the 10-day (red) moving average has extended its downward cross with the 25-day (blue), which could be a sign of further declines to come.
In addition to this, the 14-day relative strength index (RSI) is tracking at 45.50, on its way to a floor at the 44.00 point.
Sorry for my English it is not my native language.
Hit the like button if you like it and share your charts in the comments section.
Thank you
