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- 1 Bitcoin (BTC) price is taking resistance from the 100-day EMA on the daily timeframe.
- 2 The crypto is trading near its previous support level.
BTC’s price is currently trading above all the major EMA levels. The overall price structure indicates BTC’s price presently trading near the supply zone which may soon break the structure with a strong bearish momentum. Though it is being supported by crucial support levels, it is often respected by the buyers. Hence, the sellers may find it a little challenging to overwhelm the buyers.
Previously, after taking support near $16000.00, BTC’s price made a breakthrough above its major Moving Average (MA) gaining more than 40% of its value. Taking a short correction, BTC price made its first higher low by support from the 50-day MA (around $22000.00). The current BTC value is $26728.42 with a change in the 24-hour trading volume of 2.98 percent. BTC price is down by 4 percent in the last 24 hours.
1 BTC = 26,777.20 USD
The BTC Price is Trading Near Important Support (Daily Timeframe)
After making its recent high near $30000.00 around mid-April, the price of Bitcoin is making a high and low pattern. Though the buyers are striving to salvage the price near 100 EMA, their attempts may not be sufficient.
Ever since reaching the green zone near early January, the RSI line has been making lower highs. It is near the median line around the 14 SMA suggesting that the price might continue to see a bearish decline. The RSI line is currently around 43.39 points near the 50 points above interloping with the 14 SMA.
Technical Analysis (1 Day Timeframe)
Investor sentiment metrics are projecting a slight decline in the bullish sentiments regarding the BTC token. LunarCrush parameters forecast a further decline regarding the future value of the token. The total bullish sentiment metric is seeing a decrease of 26.99%.
Despite the current pessimism, the overall trend of BTC is bullish which suggests that the price may gain the buyer’s support from its previous support level.
Conclusion
According to the analysis, LunarCrush sentiment metrics are projecting a slight decline in the bullish sentiments. The investors may prefer to wait for the breakdown of the price before planning their next move. The bears are presently attempting to reverse the trend and this time they might succeed.
Technical levels
Support – $25000.00
Resistance – $28000.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
