Hello everyone , as we all know the market action discounts everything :) according to all the information that we are seeing on the chart there are no signs for any type of movement to the upper side , Bitcoin is going through a sidetrend right now with the main downtrend going until we see a clear reversal signs .
Fundamental analysis :
Bitcoin (BTC/USD) remained pressured early in today’s Asian session after depreciating below the 34000 figure during the North American session and trading as low as the 33347.05 area, representing a test of the 76.4% retracement of the appreciating range from 31004.95 to 41322.55. Significant Stops were elected below the 34946.27 area during the depreciation, representing the 61.8% retracement of the same range. Traders took BTC/USD as high as the 35909.55 area during the European session before it collapsed. Stops were recently elected above the psychologically-important 40000 and 41000 figures during the ascent to multi-week highs. Traders are observing the 41304.22 level as potential technical resistance, representing the 38.2% retracement of the recent depreciating range from 59592.20 to 30000.
Technical Support is expected around 29156/ 28747.28/ 27706.27 with Stops expected below.
Technical Resistance is expected around 46000/ 51569.56/ 64899 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
If you have any questions please ask
Thank you for reading .
Fundamental analysis :
Bitcoin (BTC/USD) remained pressured early in today’s Asian session after depreciating below the 34000 figure during the North American session and trading as low as the 33347.05 area, representing a test of the 76.4% retracement of the appreciating range from 31004.95 to 41322.55. Significant Stops were elected below the 34946.27 area during the depreciation, representing the 61.8% retracement of the same range. Traders took BTC/USD as high as the 35909.55 area during the European session before it collapsed. Stops were recently elected above the psychologically-important 40000 and 41000 figures during the ascent to multi-week highs. Traders are observing the 41304.22 level as potential technical resistance, representing the 38.2% retracement of the recent depreciating range from 59592.20 to 30000.
Technical Support is expected around 29156/ 28747.28/ 27706.27 with Stops expected below.
Technical Resistance is expected around 46000/ 51569.56/ 64899 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
If you have any questions please ask
Thank you for reading .