- BTC/USD continues at annual volatility lows and pressure increases every minute.
- A scenario of violent rupture of key levels is becoming more likely every day.
The Bitcoin will continue to fall against the Dollar as predicted in yesterday's analysis.
The decline is not being accompanied by an increase in volatility, so it seems very complicated that the BTC/USD can fall sharply. This continuous decrease in volatility makes it very likely that the situation will be resolved violently since the accumulation of all types of buy and sell orders in ever narrower ranges will act as fuel when the BTC/USD decides where to go.
Again I apply a trend line analysis but today from a longer-term approach.
Do you want to know more about my technical setup?
BTC/USD 1D
The first thing that catches the attention of the graph is how, despite the relative strength shown recently by the Bitcoin, it remains in a weak area with a strong bearish profile.
In order to get out of this quadrant and move through one with a bullish profile, the BTC/USD needs to overcome the trend line that passes today for $6,613. It is close, very close, but seeing the last days of the BTC/USD, it seems quite far away.
-636755542548823306.png)
The bearish side of the chart provides two supports to keep in mind. The first at the price level of $6,296 (price congestion support) and the second at $6,189 (price congestion support). If this second support is lost, the BTC/USD would not find a reliable support, possibly down to the long-term bearish trend line currently passing through the $5.739 price level.
Looking to the medium and long-term, weekly closings below $6,172 and monthly closings below $6,385 would open a scenario of new annual lows.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.