Bitcoin Price Analysis: BTC Closed 4 Consecutive Red Candles, What About This Uncertainty? – Tech Tribune France

  • Bitcoin price drops below $30,000 due to the ongoing bear market and the entire cryptocurrency market throwing blood red candles.
  • BTC price is currently below the 20, 50, 100 and 200 day daily moving average.
  • Bitcoin price is still trading inside the horizontal area delineated on the daily chart.

Bitcoin price consolidated in a range of $28,259 and $31,450. BTC must gather support as it is trading with a strong downtrend on the daily price chart. The traditional cryptocurrency needs to gather support as it closed 4 consecutive red candles on the daily price chart. Following this, other altcoins are also hesitant to gain support and they also rally on the downside on the chart. It is said that Bitcoin is the biggest dominant in the market and it always proves its worth. Bitcoin also needs to prove itself this time around, as small whales are expected to accumulate to prevent the traditional crypto token from falling below the downtrend line of the consolidation phase.

Cryptocurrency investors, as I constantly compare them to those with diamond hands, need to stay strong in these trying times. Those who don’t panic in difficult times and sell their stocks so quickly. So if you want to keep your assets, be the one with diamond hands. This is the market, and the market will no doubt go up, just as a quiet, pious sun shines after a scary, stormy night.

Bitcoin price is currently CMP at $28,877 and has lost 3.50% of its market capitalization in the last 24 hours. However, trading volume increased by 14% during the intraday trading session. This shows that buyers are still drawn into the trade with bullish sentiments. The volume to market capitalization ratio is 0.0521.

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The price of Bitcoin has fallen against the daily chart. The traditional cryptocurrency needs to build up the support of its whales to register its breakout from the demarcated horizontal zone. However, BTC has been stuck in this range since May 2022. Some analysts say this is just the start of the bear market. Clouds of fear and horrific thunderstorms are haunting cryptocurrency investors and some analysts say this bear market is temporary and it is also another kind of opportunity for cryptocurrency investors. cryptocurrency. The gradual drop in volume below the average shows the bearish momentum of the token. BTC price is currently below the 20, 50, 100 and 200 day daily moving average.

Support at the lower end is at $28,259 and resistance at the upper end is at $31,450.

Total liquidations

According to coinglass, a total of $53.03 million worth of Bitcoin has been liquidated in the last 24 hours. In the past 12 hours, $15.57 million of BTC has been liquidated, and in the past four hours, $13.11 million of BTC has been liquidated. By comparison, $2.45 was liquidated for around $2.5 million in the last hour. This statistic indicates that this number of people left the bitcoin market empty-handed.

The chart above illustrates total liquidations on several cryptocurrency exchanges when going short and long. For example, on Binance, the most well-known cryptocurrency exchange, a total of $595.14,000 was liquidated in the long term, and a total of $3.11 million was liquidated in short term.

Bitcoin price: technical analysis

The bitcoin price is falling with a consistent downtrend on the daily price chart. The token fell inside the horizontal area bounded by the range to the lower level. Small whales need to be activated to prevent BTC from falling significantly and touching the low level of $25,000. This bear market has made every investor confused about the existence of cryptocurrencies and they think twice before entering the market. BTC whales, meanwhile, are sitting quietly right now watching the show.

Technical indicators suggest the bearish momentum of BTC. Additionally, the EMA Ribbon exhibits the bearish momentum of BTC as the price action is below the EMA Ribbons and it should cross upwards to register its recovery phase.

The Relative Strength Index shows the downtrend momentum of BTC. RSI is heading into oversold territory from neutral.

MACD presents the bearish momentum of BTC as the MACD line is about to cross the signal line down, resulting in a negative crossover. This negative cross signifies the breakdown of the token.

Conclusion

Bitcoin price consolidated in a range of $28,259 and $31,450. BTC must gather support as it is trading with a strong downtrend on the daily price chart. The traditional cryptocurrency needs to gather support as it closed 4 consecutive red candles on the daily price chart. Some analysts say this is just the beginning of the bear market. Clouds of fear and horrific thunderstorms are haunting cryptocurrency investors and some analysts say this bear market is temporary and it is also another kind of opportunity for cryptocurrency investors. cryptocurrency. Technical indicators suggest the bearish momentum of BTC.

Technical levels

Support levels: $28,259 and $25,400

Resistance levels: $30,000 and $31,450

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

Nancy J. Allen

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Bitcoin Price Analysis: BTC Closed 4 Consecutive Red Candles, What About This Uncertainty? – Tech Tribune France


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