Bitcoin
Bitcoin is consolidating after strong fall last Friday (down 5.3% for the day, the biggest daily drop since Nov 9) and keeping negative tone.
The price fell below 22000 mark (although manage to register a marginal close above this level) retracing over Fibo 76.4% of the recent 21336/25244 upleg.
Friday’s large bearish daily candle weighs on price action, as near-term focus shifted to the downside.
Weakening daily studies (falling 14-d momentum is about to break into negative territory / RSI is below neutrality zone and daily Tenkan-sen crossed below Kijun-sen), maintaining bearish near-term tone.
On the other hand, short-term action remains within larger 21336/25244 consolidation range, lacking direction.
Fresh bears pressure initial support at 21827 (Fibo 38.2% of 16300/25244), violation of which would open way for test of key support at 21336 (Feb 13 low / range floor).
Limited consolidation needs repeated close below pivotal barrier at 22828 (broken Fibo 61.8% / Feb 24 low) to keep bears intact for fresh push lower.
Conversely, return and close above 22828 would ease downside pressure and unmask upper pivots at 23202/23283 (converging 20/10DMA’s) break of which will bring bulls back to play.
Res: 22828; 23283; 23599; 23987.
Sup: 22258; 21827; 21336; 20903.
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.