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Sunday, April 14, 2024

Bitcoin Bears Flip The Tide As Danger of Extra Downsides Escalate


Bitcoin worth is sliding and buying and selling beneath $27,000. BTC continues to be vulnerable to extra downsides beneath the $26,500 and $26,200 help ranges.

  • Bitcoin is transferring decrease and exhibiting bearish indicators beneath $27,000.
  • The worth is buying and selling beneath $27,000 and the 100 hourly Easy transferring common.
  • There are two bearish development strains forming with resistance close to $26,950 and $27,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might proceed to maneuver down towards the $26,000 help within the close to time period.

Bitcoin Worth Extends Losses

Bitcoin worth struggled to start out a restoration wave above the $27,500 resistance. BTC remained in a bearish zone and declined additional beneath the $27,000 stage.

There was a drop beneath the $26,800 stage and the value examined the $26,500 help. A low is fashioned close to $26,551 and the value is once more making an attempt a restoration wave. There was a minor enhance above the $26,800 stage. Nevertheless, the value continues to be dealing with many hurdles.

Bitcoin is now buying and selling beneath $27,000 and the 100 hourly Easy transferring common. There are additionally two bearish development strains forming with resistance close to $26,950 and $27,400 on the hourly chart of the BTC/USD pair.

Rapid resistance is close to the $26,950 stage and the primary development line. It’s near the 23.6% Fib retracement stage of the downward transfer from the $28,284 swing excessive to the $26,551 low. The subsequent key resistance could possibly be close to the $27,400 stage and second the development line.

The second development line is close to the 50% Fib retracement stage of the downward transfer from the $28,284 swing excessive to the $26,551 low. The primary main resistance is $27,500 and the 100 hourly Easy transferring common, above which Bitcoin would possibly check $27,800.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The primary hurdle continues to be $28,500. A detailed above the $28,500 resistance might begin one other enhance. Within the acknowledged case, the value might rise towards the $30,000 resistance.

Extra Losses In BTC?

If Bitcoin fails to get well greater above the $27,000 resistance, there could possibly be extra losses. Rapid help on the draw back is close to the $26,650 stage.

The subsequent main help is close to the $26,500 stage. A draw back break and shut beneath the $26,500 help would possibly ship the value additional decrease. The subsequent help sits at $26,000.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Help Ranges – $26,650, adopted by $26,500.

Main Resistance Ranges – $27,000, $27,400, and $27,500.

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