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BTC Analysis – Bull volumes were not enough to significantly reflect prices

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BTC for the last day more or less stagnates around $ 21,000 to $ 22,000, which is a long-term support zone for the price. This rebound was still minimal and if we were talking about absolute day of correction so the shot prices up should be more forceful.

Bullish volumes, which we saw with a daily bull candle in such force, we last recorded in February 2021. However, this did not affect the price and it is still deep in the corrective structure. Already in the past analysis we have defined supports $ 19,000 a $ 12,000 as potential collapse scenarios.

Bitcoin stagnates at 22,000BTC stagnates at 22,000. Source: TradingView

BTC stagnates at $ 22,000

The fact that the price is stagnating at the current market value is just the result of the fact that it is at support that has never been broken in the past. This is the MA200 on the weekly chart. It is necessary to monitor the weekly closing of the candle on this indicator. If it breaks, it will be the first time in history. For none support we cannot rely on 100%.

RSI meanwhile signals high oversold, but even that is not a guarantee of the local bottom. In the past, RSI has achieved even higher levels of oversold several times. This means that space for continuing the correction is still present.

The price of BTC is still going down in the short and medium term, and we remain in the long run bullish. This week, the most important thing is to watch the closing of the weekly candle over the MA200. If it fails, we target the first target of $ 19,000.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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