fxs_header_sponsor_anchor

Bitcoin Price Analysis: BTC finds resistance at a key level and could move lower

  • Bitcoin trades just above flat in a lacklustre session on Tuesday.
  • The market found resistance at the 50% Fibonacci zone.

BTC/USD daily chart

Today bitcoin is trading just above flat as the bulls manage to stem the losses seen on Monday's session. Now the chart structure looks pretty bearish as the market has made a lower high but the orange support zone close to the 38.2% Fib zone would need to be broken to complete the bearish picture. If broken that would make a lower high lower low wave pattern. 

Looking at the indicators now, the price is now under bother the 55 and 200 daily moving averages. The 55 exponential moving average was an important resistance zone which influenced with the 50% Fib retracement zone marked by the red circle. 

The relative strength index indicator has also just moved into negative territory under the 50 mid-line. There is still plenty of room to move lower into the oversold zone, this could mean there is more bearishness on the cards.

Additional levels

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.