#Bitcoin ($BTC) could not find enough buyer volume to break the resistance in the $ 46,700 band yesterday and returned to the $ 45,000 levels with the increase in sales pressure.
Bitcoin (BTC) has been closing the day negative for the last 2 days, albeit with a low rate. It is noteworthy that the selling trend continues in Asian trading hours. BTC/USDT has lost some momentum as the uptrend has reached a key resistance point.
BTC/USDT 3-hour chart
As seen on the 3-hour chart, it has been struggling to surpass the long-term correction level Fib 0.50 (46,795) in the $46,700 average band since August 10. While this causes stress on the pair, sales are concentrated in this area.
Sales from the $46,000 band are met at $45,000. In this case, the psychological level of $45,000 is an important support for today. #BTC/USDT, which started the day with a seller, is hanging below the 8 and 21 EMA values in the 3-hours view. In addition, 8 EMA-21 EMA reversals may cause #Bitcoin to regress to the $42,700-$800 band.
The $42,700 – $800 range can be followed as an important support area as the price range where the 89-EMA and fib 0.382 values coincide.
Stochastic RSI has turned its direction to the south due to the fact that the course has been flat with a slight downward slope for the last day. This could signal a continuation of the bearish move in the short term. The CMF indicator is trending upwards although it remains in negative territory in the short term.
In summary, a 3-hour candle that may form below $45,000 in the lower region may trigger further declines.
On the upside, hourly candle formations above the $45,500 – $600 band can be interpreted as the uptrend may continue. After this first resistance area is passed, the more important resistance area will be $ 46,700 as we mentioned above. A daily close above this price could possibly move BTC/USDT to the $50,000 band. However, the current outlook is bearish and there is no signal yet for the continuation of the uptrend.
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Disclaimer: The information in the content is not an investment advice. Author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.
Posted Using LeoFinance Beta
More retests and more retests till it breaks it. It’s the only way
Posted Using LeoFinance Beta