What Bitcoin price levels will invalidate the short-term bearish scenario?
Bitcoin struggling to break above $51,600 could trigger another big drop in BTC price. The price of Bitcoin (BTC) is continuing to range between $48,000 and $51,000, unable to break out of the $51,600 resistance level.If Bitcoin struggles to surpass the $51,600 resistance area in the near term, technical analysts say the probability of a correction rises.BTC/USDT 4-hour price chart (Binance). Source: TradingView$51,600 is the key level to watchAccording to Josh Olszewicz, a cryptocurrency trader and technical analyst, the $51,600 level is currently acting as a strong resistance level.For....
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Bitcoin has been consolidating over the weekend following a bearish swing last week from about 262 down to 230. Then, price started to consolidate between the 230 low and a high around 240. The 1H chart shows the small range where price is now hugging the 50-hour SMA. With the 100-, and 200-hour SMAs still above, sloping down, and in bearish alignment, bitcoin maintains a bearish bias within the consolidation. Bitcoin (BTCUSD) 1H Chart April 13. Bearish Scenario is Favored: Furthermore, the RSI remained under 60, which reflects maintenance of the bearish momentum. The favored scenario is....
Not much happened today in the price action of litecoin. As we can see in the 1H chart, price has been drifting sideways since the cryptocurrency rallied from around 1.60 to about 1.82. While price is indeed still in this consolidation range, we can see a bearish bias. Litecoin (LTCUSD) 1H Chart April 1, 2015. 1) The 200-, 100-, and 50-hour simple moving averages (SMAs) are in bearish alignment and are sloping down. 2) Price is starting to hold below the cluster of these SMAs, which shows bearish bias. 3) The RSI has held below 60, and has tagged 30, showing development of bearish....
Bitcoin could drop to as low as $27,000 in a bearish scenario, analysts say, which would bring panic to the altcoin market. Some analysts say that the price of Bitcoin (BTC) could drop to $27,000 in a bearish scenario if it falls through the $30,000 support area.The potential drop to $27,000 is conditional in that BTC would have to break down below $30,500, where it strongly bounced from on Jan. 11. Bitcoin whale clusters. Source: WhalemapWhich is the short-term Bitcoin bottom?In the foreseeable future, there are three key technical levels at play for Bitcoin: $34,500, $30,500, and....
After a few weekend sessions of narrow sideways consolidation, bitcoin started the week with a bearish breakout at the end of the April 13th (Monday) session. As we can see in the 1H chart, the downtrend remains intact in the near, short-term. Bitcoin (BTCUSD) 1H Chart April 14. Some observations from the 1H chart:1) The 200-, 100-, and 50-hour simple moving averages (SMAs) are sloping down and are in bearish alignment while price remained under all of them. This represents continuation of the bearish bias in this time-frame. 2) The 1H RSI hedl under 60, which reflects maintenance of the....
Ethereum price ETH faced a lot of heat over the weekend and moved down versus the USD. It looks poised for more declines in the near term. Key Highlights. ETH price declined over the weekend against the US Dollar and traded below the $11.60 support. There is a major bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD, which may act as a hurdle for the ETH bulls moving ahead. If the price corrects higher from the current levels, then the $11.20-40 levels can act as a resistance. Ethereum Price Sell. Ethereum price ETH weakened recently, as sellers had an upper hand....