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Заголовок This is the Level BTC Needs to Break to Reverse the Downtrend (Bitcoin Price Analysis)
Дата 20220623

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This is the Level BTC Needs to Break to Reverse the Downtrend (Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price
Analysis)

This is the Level BTC Needs to Break to Reverse the Downtrend (Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price
Analysis)

Author: CryptoVizArt

Last Updated Jun 23, 2022 @ 14:40

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s downtrend has halted after a rapid drop from the $32K
following a bearish flag breakout. The $17K-$20K range of the 2017 all-time
highs is acting as strong support, leading to a price rebound towards the $24K
and maybe the $30K significant resistance level.

However, the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта would also have to break the 50-day moving average
to the upside before retesting the $30K level.

Technical Analysis

By Edris

The Daily Chart

The price shows signs of a reversal after printing multiple bullish candles on
the daily timeframe. If a retest of the mentioned levels occurs and BTC gets
rejected to the downside, this could send the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта into a further
negative spiral.

On the other hand, if the bearish momentum kicks in at current rates, another
impulsive move to the downside could start, pushing the market beyond the
current support area and towards the $15K mark. However, the most recent price
action makes this particular scenario a less probable. Source: TradingView

The 4-Hour Chart

On the 4-hour timeframe, it is evident that the price has been forming a
descending channel on the $17K-$20K support area, pointing to a possible
rebound as the pattern could be considered a sign of a bullish reversal

The RSI oscillator had also signaled a bullish divergence between the last
couple of lows of the channel, further strengthening the possibility. If the
price rebounds from this level and validates the breakout, a further run
towards the $24K resistance level could be anticipated.

On the other hand, if the price fails to complete the pullback and falls back
inside the channel, the pattern would be considered a failure. It could lead
to aggravated selling pressure and a break below the $17K-$20K support area,
followed by a rapid drop towards the $15K zone. Source: TradingView

Sentiment Analysis

By Edris

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Funding Rates

The market has been going through a lengthy and intense downtrend over the
past few months, and this price crash has taken its toll on the sentiment.
It s definitely bearish and is accompanied by negative funding rates in
the perpetual futures market, indicating that the traders are aggressively
shorting BTC as they constantly expect lower prices.

However, these periods of negative funding rates create a decent probability
for a short squeeze, which begins after a bullish reversal in price and a
short liquidation cascade. These short squeezes usually occur at price bottoms
and initiate a bullish phase, as the price rallies and creates high bullish
momentum. Source: CryptoQuant

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Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта charts by TradingView.

Tags: Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) Price

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