As a researcher with experience in analyzing cryptocurrency markets, I believe that based on the current market conditions and the indicators being shown, it is more likely for the price of Bitcoin (BTC) to continue moving in a downward direction rather than reversing course and starting an upward trend.
After experiencing a pullback, Bitcoin‘s price has persisted in its decline. The cryptocurrency failed to surpass its 100-day Simple Moving Average (SMA) and the trendline, resulting in a drop of more than 6% from its peak.
Will the price trend of Bitcoin continue to decline, or will it shift and begin to rise instead?
At the moment of composition, Bitcoin’s price hovered around $62,972 – a nearly 28% decrease from its record high. In the last day, the value dipped by 1.27%. Despite this decline, BTC remains above the 100 Simple Moving Average (SMA) on the daily chart. However, it’s trading below this indicator on the 4-hour chart.
Current Condition Of Indicators And What They Suggest
Examining the graph, the price established two significant levels: a support at $59,653 and a resistance at $67,255. Further price decreases might generate additional support and resistance levels.
From the perspective of a 4-hour chart, as depicted in the following image, it appears that the price is currently trading beneath the 100-day moving average. This observation implies a potential downtrend for the price, which might continue to decline further.
Based on the 4-Hour RSI chart, the Relative Strength Index (RSI) is signaling a decline as its moving average has dropped below the 50% threshold.
The MACD chart analysis from the 4-hour timeframe indicates a possible price decline based on the MACD histograms being beneath the zero line. The MACD line and Signal line have intersected below the MACD line’s zero mark, suggesting a bearish trend as depicted in the provided image.
Possible Outcome
Based on the configuration of the indicators I’m using, it seems that the Bitcoin price trend remains bearish. There’s a chance that it may continue to decline further.
Should Bitcoin experience a further decline and fall beneath the $59,653 mark, signifying the breakdown of this support level, a significant correction may ensue, potentially establishing a new floor. Conversely, if the price does not breach the $59,653 barrier, an upward correction could commence, propelling Bitcoin back towards its previous height of $67,255. If the cryptocurrency surmounts this level, it will likely initiate an uptrend.
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2024-04-27 16:34