Bitcoin Stable Near $30,000 But The Bearish Leg Is Far From Over
May 18 2022 - 10:00PM
NEWSBTC
Bitcoin has been getting stable at its crucial support level of
$30,000. For over a week now, Bitcoin has been trading near its
immediate support level. Over the last week, the coin lost close to
6% of its value and in the last 24 hours, BTC fell by 3%. The past
week has been extremely choppy for Bitcoin and also for the altcoin
due to continued market weakness. The coin had plunged to a low of
$25,000, BTC had last traded about that price level in December
2020. Bitcoin has recovered by $5000, however, a chance of a
further downslide cannot be ruled out. The technical of the
coin pointed towards continued selling pressure in the market.
Bitcoin Price Analysis: One Day Chart Bitcoin was priced at $29,100
at the time of writing after the coin was rejected from the $31,000
price level. Immediate resistance for the coin stood at $25,000. A
fall beneath the same will send the coin straight to $19,000. On
the flip side, if the bulls send a temporary relief then the coin
will target moving above the $30,000 price level and trade close to
the $31,000 resistance mark. The volume of Bitcoin traded was seen
in the red which indicated bearishness on the one day chart.
Technical Analysis Bitcoin might have been able to show signs of
stability on the chart but further signs show that the coin can
soon plummet again. King coin was trading underneath the 20-SMA
line which meant that sellers were dominating the price momentum in
the market. Support from the buyers can push the coin above the
immediate resistance of $30,000. The support from buyers seems like
an unlikely situation considering how the coin has formed a bearish
flag (yellow). A bearish flag indicates further push from the bears
and this could cause the coin to trade below the $20,000 support
mark. The coin hadn’t touched the $20,000 price level in over a
year now. The Relative Strength Index was below the half-line which
indicated that sellers are still in charge as shown by the SMA
lines. Related Reading | Bitcoin Bearish Signal: Whales Ramp Up
Dumping Bitcoin’s bearish flag reflected how the coin continued to
fall on the chart after the pattern was formed. The bulls have
tired out from the constant battle with sellers. In accordance with
the same reading, Awesome Oscillator flashed bearishness. The
indicator dictates the price momentum of the market and red
histograms underneath the half-line meant a sell signal for the
coin. If sellers continue to act on it, $20,000 can soon be on the
charts. Chaikin Money Flow is responsible for depicting capital
inflows and outflows. The indicator was below the half line because
capital outflows were still dominant at press time. Related Reading
| TA: Bitcoin Eyes Fresh Increase But This Level Is The Key
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