Bitcoin Price Analysis: Much ado about nothing? Was the halving a non-event?

  • The MACD indicates a reversal of bullish momentum.
  • The bears have retained control for the fourth straight day.

BTC/USD daily chart

BTC/USD daily chart

BTC/USD fell from $8,727.75 to $8,636.50 as the bears retained control for the fourth straight day. Bitcoin just experienced its third halving event, however, it looks like it isn’t going to be the huge bullish event that many were touting it to be. Currently, many fear that miners may quit the market due to the drop in mining profitability.

The price is trending above the red Ichimoku cloud. The Elliott Oscillator has had two red sessions in a row, while the MACD shows a reversal of bullish momentum. Both these indicators hint that the overall market sentiment is bearish.

On the downside, the buyers must defend the $8,390 and $8,125 support levels. On the upside, there are two strong resistance levels at $8,829.50 and $9,181.45.

Key levels


Today last price 8638.77
Today Daily Change -88.66
Today Daily Change % -1.02
Today daily open 8727.43
Daily SMA20 8454.34
Daily SMA50 7448.58
Daily SMA100 8011.57
Daily SMA200 8019.1
Previous Daily High 9559.74
Previous Daily Low 8105.58
Previous Weekly High 10074.48
Previous Weekly Low 8535.49
Previous Monthly High 9476.83
Previous Monthly Low 6156.67
Daily Fibonacci 38.2% 8661.07
Daily Fibonacci 61.8% 9004.25
Daily Pivot Point S1 8035.43
Daily Pivot Point S2 7343.42
Daily Pivot Point S3 6581.26
Daily Pivot Point R1 9489.59
Daily Pivot Point R2 10251.75
Daily Pivot Point R3 10943.75



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