What's Hot

    Bitcoin Could Replace US Dollar – Former Coinbase CTO

    26.03.2023

    The Fed is playing a double game

    26.03.2023

    TVL rose again, and Euler Finance was hacked for $196 million

    25.03.2023
    Facebook Twitter Instagram
    Sunday, March 26
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Bitcoin»former support turned out to be a tough nut to crack
    313d93cbb20fa2146bf1c7c48386ae0bf91a938a
    Bitcoin

    former support turned out to be a tough nut to crack

    AdministratorBy Administrator08.12.2021No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~ 2 m


    Bitcoin (BTC) was unable to recover above the line that previously played a support role. Short-term horizontal support ranges between $ 47,000 and $ 48,150.

    Bitcoin reached a high of $ 51,936 on December 7, but then pulled back from it. During the formation of this high, BTC tested the former upward support line (red icon) for strength as resistance. This line also coincides with the resistance area of ​​$ 52,500 (Fibo level of 0.382 retracement), which increases the significance of this area.

    After a rebound from this level, the price goes down. Technical indicators are also giving bearish signals.

    Thus, MACD is in the red zone and declines, showing that the short-term MA is slowing down relative to the long-term MA. The indicator tried to form a rising momentum bar, however, these attempts may be canceled by the close of day trading.

    The RSI, which is a momentum indicator, has dipped below 50 and is declining, which is also a sign of a bearish trend.

    Thus, the picture on the daily chart is bearish.

    former support turned out to be a tough nut to

    Source: TradingView

    Current channel

    On the 6-hour chart, BTC has been trading within a descending parallel channel since November 10, when the market hit its all-time high around $ 69,000.

    At the time of writing, Bitcoin is trying to recover above this channel’s median line and turn it into support (red circle).

    Both MACD and RSI are growing on this timeframe, although the first indicator has not yet entered the green zone, and the second is below 50.

    It is noteworthy that the resistance line of this channel also coincides with the previously highlighted resistance area of ​​$ 52,500. Thus, the correction cannot be considered complete until the BTC rate breaks above this area.

    former support turned out to be a tough nut to

    A source: TradingView

    Short-term dynamics BTC

    If the rebound continues, the market will receive short-term support in the area between $ 47,000 and $ 48,150. This is the horizontal support formed by the 0.382-0.5 Fibo retracement levels.

    Thus, BTC could form a rising low and start a bullish rebound.

    1638972353 49 former support turned out to be a tough nut to

    Source: TradingView

    Disclaimer

    All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website.




    #support #turned #tough #nut #crack

    crack nut support tough turned
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    Bitcoin Could Replace US Dollar – Former Coinbase CTO

    26.03.2023

    TVL rose again, and Euler Finance was hacked for $196 million

    25.03.2023

    Necessary contribution made in $1 million bitcoin dispute

    25.03.2023

    Coinbase CEO urged to support politicians loyal to cryptocurrencies

    25.03.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • Bitcoin Could Replace US Dollar – Former Coinbase CTO
    • The Fed is playing a double game
    • TVL rose again, and Euler Finance was hacked for $196 million
    • Hacker Euler Finance returned $90 million
    • Cardano is ready for a major update
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.