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    Home » Bitcoin Technical Analysis: Significant Decreasing Selling Pressure
    Bitcoin Technical Analysis: Significant Decreasing Selling Pressure
    Bitcoin News

    Bitcoin Technical Analysis: Significant Decreasing Selling Pressure

    adminBy adminJune 22, 2024No Comments4 Mins Read

    Bitcoin Technical Analysis: On June 22, 2024, The price of one bitcoin is now hovering around $63,950 per unit, continuing its downward trend toward its current level. Despite exhibiting possible entry opportunities, the market is under considerable selling pressure across all time frames. Traders should proceed with caution, according to technical indicators, because bearish trends are making up the majority of the charts.

    Bitcoin

    Bitcoin

    The one-hour chart reveals that Bitcoin is experiencing a continuous downward trend, as seen by the fact that it has been posting consistently lower highs and lows. Most recently reaching $63,501. The trading volume continues to be modest, which reflects the lack of impetus. If a reversal with greater volume is detected, traders may contemplate entering the market in the vicinity of $63,000 to $63,500 to exit the market near the resistance level of $67,000 or higher.

    The price of Bitcoin has dropped significantly from $67,260 to $63,501, as seen by the 4-hour chart. Which also reveals a significant downward trend. Visible increases in red volume bars indicate a considerable amount of selling pressure. If a positive reversal occurs, it is recommended to enter the market at a level close to the $63,000 support level. This entry point should ideally be confirmed by increasing purchasing volume. The previous level of resistance, $67,260, should be the target of exit plans to ensure prospective gains.

    Analyzing 

    Analyzing 

    According to the daily chart, Bitcoin Technical Analysis has been declining since reaching a high of $71,958 on May 20 and is now trading at $63,501. There is clear evidence of constant sales push. Long-term traders can potentially discover an entry point if the price stabilizes at $63,000 and shows a strong reversal pattern, like a bullish engulfing candle with a larger volume. Given the historical price action indicating resistance between the $67,000 to $68,000 levels. It is advisable to exit the market around that area.

    With the RSI at 36, the Stochastic at 9, the CCI at -134, and the Awesome Oscillator at -2808. The oscillators provide a generally neutral picture. Although momentum points to a positive signal, the MACD level shows harmful activity. Therefore, momentum indicators provide conflicting indications. It is essential to exercise caution and conduct a thorough study before Bitcoin Technical Analysis decisions, as these indications contradict.

    For most time intervals, negative sentiment is shown by moving averages (MAs). The negative signals are aligned with the exponential and simple moving averages for periods of 10, 20, 30, 50, and 100. There may be support and a possible reversal in more extended time frames. According to the 200-period EMA and SMA, which are positive. Foretelling the market’s future movements requires vigilant monitoring of these levels.

    Bull Verdict

    Bull Verdict

    Bitcoin demonstrates the potential for a bullish reversal if the price stabilizes around the $63,500 mark, despite the fact that the current trend is the opposite of what is expected. Long-term support may be able to persist, as shown by key indicators such as the 200-period exponential moving average (EMA) and the simple moving average (SMA). Which both indicate a bullish sentiment. This may present an opportunity for gains if reversal patterns materialize and are reinforced by larger trading volumes.

    Bear Verdict

    With consistently lower highs and considerable selling pressure, the bearish trend is the prevailing trend across all of the time frames that were evaluated. The majority of oscillators and moving averages (MAs) produce bearish indications, which indicates that the negative risk will persist. In the absence of a distinct reversal pattern and in the absence of increased volume to support a bullish case. It is prudent to exercise caution because the price of bitcoin may see additional losses.

    Bitcoin Technical Analysis price of Bitcoin has dropped
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