BTC/USD Long-term Trend: Bearish (1D chart)
Resistance levels: $3800, $4200, $4500,
Support levels: $3200, $2800, $2500,
Today, the cumulative statistics from CoinMarketCap showed Bitcoin’s volume of about $6 Billion with an overall market cap of $59 Billion plus; the impact on market flags down the price. The lowest record since December 2018. Other currencies, however, have lost values in the last 24 hours except for Waves which has gained 9.5% amongst the top 20 cryptos.
Following the structural graph, the price bars remain sitting on the trend line. The expected break has not revealed on the Long-term outlook. Once the candle crosses down, it would speedily touch $3200 support and perhaps $3100 before deciding on the further move.
Picturing the RSI shows the bear market has not finished. If after testing the mentioned supports and failed to pull back to $3500, this trade might create a new low around $3000 and $2800 support areas. On the daily Stochastics, the selling pressure is at 20% close to the oversold. That’s a signal for more price drop.
BTC/USD Medium -term Trend: Bearish (4H Chart)
As forecasted in the last analysis, the descending triangle was broken yesterday at $3500 support and still aiming $3300. The possibility of visiting $3200 is very certain. In fact, price won’t hesitate to dip below 2018 low if BTC volume continues to remain substantially low.
Closing the oversold area, the RSI suggests Bitcoin’s price is running out of the selling momentum. As said earlier, the trend is targeting $3300 support; but there might be a retracement to $3500 (the break-in level) when price actually tests the oversold.
With the current market wave, the bears are still much in play as they maintain the impulsive move. The dominance remains in their control. For now, the bulls are very weak to gain momentum. Their strengths lie only in the retracement move.
The price action on the Stochastics Oscillator has reached its low level. This signals a potential buying opportunity for traders as to take price up to the overbought zone, the breakpoint.
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