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    Home»Analytics»Bitcoin (BTC) formed a bearish candlestick after a rebound
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    Analytics

    Bitcoin (BTC) formed a bearish candlestick after a rebound

    AdministratorBy Administrator10.12.2021No Comments3 Mins Read
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    Bitcoin has reached the $ 45,800- $ 47,000 Fibonacci support area. It will be very important for the BTC rate to form a rising low within this area.

    Bitcoin peaked at $ 51,936 (red icon) on December 7, but has been declining since then. The maximum was formed near the resistance area of ​​$ 52,400 (Fibo level of 0.382 correction). In addition, in the process, the market turned into resistance the former upward support line, the bearish breakdown of which was made by BTC on December 4.

    Technical indicators on the daily chart are also giving bearish signals.

    Thus, MACD is in the red zone and is declining, showing that the short-term MA is moving slower relative to the long-term MA. On December 6, the indicator formed a rising momentum bar (green icon), but resumed its decline thereafter.

    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 daily chart shows a bearish picture. In addition, it is reinforced by the December 9 bearish engulfing candle. These candles absorb and neutralize all the previous day’s gains.

    Bitcoin BTC formed a bearish candlestick after a rebound

    A source: TradingView

    Short Term Breakout BTC

    On the hourly chart, BTC made a bearish breakout from the downtrend parallel channel of December 9th.

    Bitcoin continued to decline until it hit a low of $ 47,320, just above the 0.5 Fibo level of the $ 47,000 retracement.

    Now it is extremely important for the market to form a rising low within the $ 45,800- $ 47,000 area (Fibo levels of 0.5-0.618 retracements). This will help confirm the trend reversal.

    Bitcoin BTC formed a bearish candlestick after a rebound

    A source: TradingView

    In addition, the BTC rate has been moving along the downward resistance line since December 7. On December 9, the price bounced off it.

    Until the bulls manage to break this level, the short-term trend cannot be considered bullish.

    1639136318 961 Bitcoin BTC formed a bearish candlestick after a rebound

    Source: TradingView

    What’s next

    According to the most likely scenario of wave analysis, the slight rally in relief is part of sub-wave B (black) of a longer-term wave 2. This could potentially lead BTC to the $ 58,800 resistance area (0.618 Fib level).

    The results of the subwavelength analysis are shown on the chart in red.

    1639136318 153 Bitcoin BTC formed a bearish candlestick after a rebound

    A 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.




    #Bitcoin #BTC #formed #bearish #candlestick #rebound

    bearish Bitcoin BTC candlestick formed rebound
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