New downward trend for the price of Bitcoin [BTC]? | [blokt]


After a week of heavy losses across the cryptocurrency market, Bitcoin's market leader returned to $ 7k again. Only a few weeks ago the price of Bitcoin exploded thanks to the resistance level of $ 6850, but now it is approaching this level on the opposite side. The decline has slowed as it approaches again at this level, which is giving traders a bit of respite from consecutive steep declines.

The current decline was on a lower volume but with the MACD approaching a crossover down, this would be a signal down that could provide enough momentum for a break below the $ 6850 level. .
Bitcoin Daily Chart

The 50EMA graph on the hourly chart acted as a resistance point making a significant climb less likely. On the hourly chart, we can also see several $ 6850 level tests. Each new test makes this level weaker with a greater chance of breakthrough each time. This is because on every new test, there are fewer buyers to contain the price. In the event of a break above the 50EMA hours, there is also the 100EMA and the 200EMA which probably serve as additional resistance. The 100EMA is currently trading around the $ 7250 mark and the 200EMA is currently trading around the $ 7400.
Bitcoin time chart

Bullish scenario :

  • With this drop in low volume, the wave of the drop is decreasing
  • Price action is approaching a level of key support

Bearish scenario

  • EMA intervention Momentum is with the bears [19659010] Every repetition of $ 6850 makes the area weaker
  • MACD approaches the crossover of the line towards the negative side
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