Bitcoin Alert: The fall is accelerating, bearish technical signal imminent


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Investing.com – After hitting a new yearly high just below $31,000 last Thursday, the market began a correction that has accelerated markedly since yesterday as the cryptocurrency retreated to a low of $29,170.

However, a further drop in the from current prices could have significant negative consequences from a technical point of view.

As can be seen in the graph below, Bitcoin has so far stopped its fall at the upper limit of the range that prevailed between mid-March and April 10.

Bitcoin - Daily Chart

A return of BTC below $29,000 would validate the break below this boundary, which would begin to question the uptrend. In this case, it will be necessary to take into account a downside risk towards the $28,000 threshold, then the lower limit of the range mentioned above, around $26,500, an area where the 50-day moving average is also found.

Lower, we can consider that the underlying trend of Bitcoin in daily data has turned down, and the key threshold of $ 25,000 will come into focus.

On the upside, the $30,000 and $31,000 thresholds are the first potential hurdles on BTC/USD.



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