BTCUSDT 4H | Bitcoin market overview: Downtrend
Hello, dear subscribers!
In our previous review, we considered a trend reversal or correction as the most likely development in the bitcoin market.
Since then, bitcoin price updated its historical highs, showing - $61.844, after which the correction began. At the moment, bitcoin price is in a downward movement. The resistance area from above is $58,000, support areas from below are $52,000 and $48,000. These levels are targets for market participants.
Indicators MACD and RSI show a decrease in indicators, which indicates the predominance of bears in the bitcoin market. The OBV indicator shows that the buyers are still holding their positions. Buyers' support zone is 2.15M. Fixing the indicator value below this level may provoke a massive sell-off and decrease in bitcoin price.
Taken together, we see that bitcoin price is in a downtrend with support at $58,000. Until the buyers manage to consolidate above this level, the bitcoin market will be dominated by sellers.
Subscribe to the channel and stay tuned!
In our previous review, we considered a trend reversal or correction as the most likely development in the bitcoin market.
Since then, bitcoin price updated its historical highs, showing - $61.844, after which the correction began. At the moment, bitcoin price is in a downward movement. The resistance area from above is $58,000, support areas from below are $52,000 and $48,000. These levels are targets for market participants.
Indicators MACD and RSI show a decrease in indicators, which indicates the predominance of bears in the bitcoin market. The OBV indicator shows that the buyers are still holding their positions. Buyers' support zone is 2.15M. Fixing the indicator value below this level may provoke a massive sell-off and decrease in bitcoin price.
Taken together, we see that bitcoin price is in a downtrend with support at $58,000. Until the buyers manage to consolidate above this level, the bitcoin market will be dominated by sellers.
Subscribe to the channel and stay tuned!