Bitcoin Retreats After Failing To Break Crucial $72,983 Resistance



Following
the
failure
to
break
above
the
$72,983
resistance
level,
the
price
of
Bitcoin
has
continued
to
drop.
Although
Bitcoin’s
price
is
still
trading
above
the
1-day
Simple
Moving
Average
(SMA),
this
rejection
has
led
to
the
crypto
asset
dropping
from
$71,942
to
$66,785
and
moving
below
the
SMA
both
in
the
1-hour
and
the
4-hour
chart.
This
drop
below
the
SMA
could
trigger
a
change
of
character
and
the
price
will
go
bearish. 


As
of
the
time
of
writing
the
price
of


Bitcoin


was
trading
at
around
$67,635
and
was
up
by
0.14%
with
a
market
capitalization
of
over
$1.3
trillion
and
a
24-hour
trading
volume
of
over
$25
billion.
Its
market
capitalization
and
trading
volume
are
both
down
by
1.14%
and
6.07%
respectively
in
the
last
24
hours.

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Bitcoin
Price
Conditions
In
4-Hour
And
1-Day
Chart 


From
the
4-hour
timeframe,
BTC
has
dropped
below
the
simple
moving
average.
This
indicates
that
the
price
of
BTC
might
begin
to
move
downward
from
this
point. 


The
1-hour
MACD
also
indicates
that
BTC
could
go
bearish
as
the
MACD
histograms
are
trending
below
the
zero
line. 
Also,
the
MACD
line
and
the
signal
have
crossed
each
other
trending
below
the
MACD
zero
line. 


From
the
1-day
chart,
it
can
be
observed
that


BTC
‘s
price
is
moving
toward
the
100-day
simple
moving
average.
The
1-day
MACD
also
creates
a
formation
suggesting
that
Bitcoin’s
price
might
go
bearish,
as
the
histograms
are
already
trending
below
the
MACD
zero
line. 


The
MACD
line
and
the
MACD
signal
line
have
crossed
each
other
and
are
heading
toward
the
MACD
zero
line.
Examining
the
price
formations
and
that
of
MACD
from
both
timeframes,
BTC
could
make
a
huge
drop
and
probably
start
a
bearish
trend.

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A
Path
To
New
All-Time
High
On
The
Horizon?


Currently,
there
is
one
major
resistance
level
$73,203,
and
two
major
support
levels
$60,146
and
$50,604.
If
the
price
of
Bitcoin
goes


bearish


as
predicted,
it
will
start
to
move
downward
toward
the
$60,146
support
level. 


Should
it
break
below
this
level,
it
could
move
further
to
test
the
$50,604
support
level.
Also,
there
are
other
support
levels
below
$67,635,
which
BTC
could
move
on
to
test
if
there
is
a
break
below
the
$60,146
and
$50,604
support
levels.


However,
given
that
the
digital
asset
fails
to
break
below
any
of
the
support
levels
mentioned
above,
it
will
begin
to
move
upward
toward
its
previous
resistance
level
of
$73,203.
Meanwhile,
if
it
breaks
above
this
level,
it
might
start
a
new
rally
possibly
to
create
a
new
high.

BTC
is
trading
at
$67,670
on
the
1D
chart
|
Source:
BTCUSDT
on

Tradingview.com


Featured
image
from
iStock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie


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