Why I believe Bitcoin is due for further correction?
Hey Crypto Community!
Following the UST/LUNA and related FUD events last week Bitcoin has dropped from $35,000 all the way down to $25,200. It has re-bounced back to $30,000 level on the following day and is currently trying to re-test significant resistance level of $30,000.
It is important to monitor crypto markets tomorrow and see at which level Bitcoin weekly candle will close. Should Bitcoin price end its week below the
$30,000 price level, there will be a high probability of downtrend continuation.
Why I believe that we will see Bitcoin sliding towards lower levels?
1. RSI indicator on a weekly timeframe is still in a bearish divergence and has not reached the bottom of its oversold territory.
2. 200 Daily Moving Average has been a strong support level during the bear market and indication of Bitcoin bottom.
Therefore, I expect Bitcoin price to go to its lower price levels. It looks like its due for another leg down and is very close near its capitulation.
In my next idea I will be sharing few macro indicators that already signalling the beginning of Bitcoin capitulation and BUY zone. I will share the best Bitcoin BUY signals.
Stay Crypto!
Please don't forget to "Like" this idea and follow to see my updates and ideas.
Following the UST/LUNA and related FUD events last week Bitcoin has dropped from $35,000 all the way down to $25,200. It has re-bounced back to $30,000 level on the following day and is currently trying to re-test significant resistance level of $30,000.
It is important to monitor crypto markets tomorrow and see at which level Bitcoin weekly candle will close. Should Bitcoin price end its week below the
$30,000 price level, there will be a high probability of downtrend continuation.
Why I believe that we will see Bitcoin sliding towards lower levels?
1. RSI indicator on a weekly timeframe is still in a bearish divergence and has not reached the bottom of its oversold territory.
2. 200 Daily Moving Average has been a strong support level during the bear market and indication of Bitcoin bottom.
Therefore, I expect Bitcoin price to go to its lower price levels. It looks like its due for another leg down and is very close near its capitulation.
In my next idea I will be sharing few macro indicators that already signalling the beginning of Bitcoin capitulation and BUY zone. I will share the best Bitcoin BUY signals.
Stay Crypto!
Please don't forget to "Like" this idea and follow to see my updates and ideas.
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