Bitcoin Drops Below 4-Hour MA – Bearish Trend Ahead?
27 Aprile 2024 - 3:30PM
NEWSBTC
Following a pullback, the price of Bitcoin has continued on its
downward movement. The coin, after failing to break above the
100-day Simple Moving Average (SMA) and the trend line has
experienced a drop of over 6% from its previous high. Will the
price of BTC continue to move in a downward direction or will it
reverse and start moving in an upward direction? As of the time of
writing, the price of BTC was trading around $62,972 which is about
28% down from its all-time high and was down by 1.27% in the last
24 hours. Although the price is trading below the 100 SMA on the
4-hour chart, on the daily chart it is still trading above the 100
SMA. Current Condition Of Indicators And What They Suggest Looking
at the chart, technically a support level and a resistance level of
$59,653 and $67,255 were formed respectively. However, there
could be more support and resistance levels created if the price
continues to move downward. 4-Hour Moving Average: A technical
observation of the chart from the 4-hour timeframe as seen in the
image below reveals that the price is trending below the 100-day
moving average. This suggests that the price is on a downtrend and
could potentially move further downward. 4-Hour RSI indicator: The
Relative Strength Index (RSI) indicator here suggests a downward
trend as the RSI signal has crossed and is trending below the 50%
line as observed on the above chart. The MACD indicator from the
4-hour chart also suggests that the price might continue to move
downward as the MACD histograms are trending below the zero line.
Both the MACD line and the Signal line have crossed and are
trending below the MACD zero line, indicating a bearish trend, as
seen in the above image. Possible Outcome With the setup of the
above indicators, it can be suggested that the price of Bitcoin is
still bearish and that there are possibilities that it could still
move further downward. If Bitcoin continues downward and breaks
below the support level of $59,653, it could witness a deep
correction to create a new support level. However, if the price
fails to break below this support level, it could start an upward
correctional movement towards its previous level of $67,255 and if
it manages to break above this level, the price will begin an
uptrend. Featured image from iStock, chart from Tradingview.com
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