Bitcoin price action signals possible bearish continuation
The weekend ended with no major changes in the cryptocurrency market, however, I wanted to share a range/fall pattern in the Bitcoin price action that I have been observing since the first days of April that reflects high probabilities of a new pullback in the first cryptocurrency by market capitalization.
Last April 5th when Bitcoin lost the $44,000 support, since then the Bitcoin price action started to show a range/fall behavior, action that repeats if we detail the 55 period EMA in a 4 hour time frame, where it can be clearly seen that every time the price bounces to the 55 EMA followed by the price depreciates reinforcing the bearish continuity.
On the 4-hour chart the Bitcoin price bearish continuation would coincide with many of the predictions on the projection that Bitcoin is going to break lower at any time until it finds an equilibrium zone that will allow it to attract new investors.
Another noteworthy fact is that the Aroon indicator reflects that the Bitcoin trend is bearish, so this prediction reveals the selling strength prevailing in the market, however, even though the Bitcoin is in an important support area in the chart no change of trend is visualized, an element that confirms the high probability of bearish continuity.
In this regard and in the midst of the current debate on whether Bitcoin will maintain its current bearish zone, I would like to know your own guesses on Bitcoin's price action and your prediction on the next price projection and trend.
SOURCES CONSULTED
Cointelegraph The State Duma establishes the tax characteristics of digital financial assets. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Binance
hello @ lupafilotaxia
I fully share your appreciation on the price of bitcoin , no doubt that a lack of time for the winter to pass , it's time to accumulate
Hi @dgalan
Correct, the strategy is to accumulate and have balances in order to dissmixt expenses and wait for the bullish zone to arrive.
Best regards, be well.
I do not know much about reading the charts but i must confess that this bearish period has been hard considering the fact that just a year ago, things was quite high
Hi @lebey1
Remember that the bull market lasted 2 years, so we must be patient with this correction that is developing the cryptocurrency market.
Best regards, be well.
Bitcoin ranging between 19k support zone really need to be closely watched at this point we can still see strength in selling pressure as bears are still dominant in the market although there are high oversold value indication on RSI the bears are still resilient thanks for the share no bullish call for the time being.
Hi @mccoy02
Correct the bearish still dominate the market, and this may extend for the remainder of the year.
Best regards, be well.
Hi friend,
This has been a pretty long bearish phase for Bitcoin and other crypto as well.
It would be so nice to see a couple of bounce backs and relief rallies taking place.
If the downtrend continues like this so many good crypto projects may suffer.
Hi @thetimetravelerz
Well it depends on the approach, we had about 2 years in bullish phase, so I think these bearish months can be extended a bit longer so that the market can find balance and capture new investors.
Best regards, be well.