Bitcoin (BTC) bearish trend continues today. Bitcoin (BTC) held the week close above $ 46,430. After this closing, which took place on the critical $ 44,500 - $ 45,000 support area, the new day continues with sales. The retracement, which stretched up to the $ 42,000 band earlier today, marks the continuation of the selling pressure for BTC.
3-Hour BTC/USDT Chart
After the sales in Asian trading hours, there was some reaction received in the European session. Buyers trying to regain the $ 45,000 band at noon seem not yet able to get rid of the selling pressure.
After the sharp decline on May 12, we saw efforts to hold on to the last low of $ 48,000 on May 13 - 16. After the loss of this level, the medium term support level Fib 0.382 (44.379) started to be tested. This point is an extremely important support and as we mentioned in our analysis yesterday, if it is lost, it is possible for BTC to retreat towards the wide range of $ 30,000.
Another possibility is the strong reaction purchases coming from the Fib 0.382 value, causing a change in the short term indicators. For example, the stochastic RSI in the 3-hour view has turned its direction upwards with a steep acceleration. A good chance this week will be a horizontal view in the 45,000 - 48,000 band.
BTC / USDT pair, which is currently using the 8-EMA value (45,700) as a dynamic resistance in the 3-hour view, can move towards the $ 48,000 resistance if it creates a 3-hour opening and closing candle above this average (EMA-21).
For a serious recovery in Bitcoin, a daily closing is needed in the $ 52,000 band.
Posted Using LeoFinance Beta
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