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bitcoin
Bitcoin (BTC) $ 23,898.40
ethereum
Ethereum (ETH) $ 1,674.88
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 331.20
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.414402
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.093824
cardano
Cardano (ADA) $ 0.403802
solana
Solana (SOL) $ 24.98
matic-network
Polygon (MATIC) $ 1.24
polkadot
Polkadot (DOT) $ 6.54
tron
TRON (TRX) $ 0.063704
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HomeCoinsBitcoinTechnical Indicators for Bitcoin (BTC) Are Flagging Bearish

Technical Indicators for Bitcoin (BTC) Are Flagging Bearish

  • BTC occupies the quantity 2 spot on CoinMarketCap’s trending checklist.
  • The value of the market chief is down round 0.18% during the last 24 hours.
  • Technical indicators on BTC’s every day and 4-hour charts are flagging bearish.

Quantity 2 on CoinMarketCap’s trending checklist and the crypto market chief by way of market cap, Bitcoin (BTC), has seen its worth drop barely during the last 24 hours. In accordance with CoinMarketCap, the worth of BTC has dipped 0.18% during the last 24 hours – bringing its worth right down to $16,798.97 at press time.

4-hour chart for BTC/USDT (Supply: CoinMarketCap)

The 4-hour chart for BTC/USDT reveals that the crypto market chief’s worth is resting on the 20 EMA line. This EMA line is presently positioned above the 4-hour 50 EMA line and is offering assist to BTC at press time. This assist could, nonetheless, fail to carry because the 4-hour RSI indicator is flagging very bearish.

At the moment, the 4-hour RSI SMA line has crossed under the 4-hour RSI SMA line. Along with this, the RSI line has a steep detrimental slope. This implies that BTC’s worth will proceed falling within the subsequent 4-12 hours.

Further downward worth motion will drag BTC’s worth right down to the subsequent assist stage on the 50-EMA stage, which is round $16,738.46.

Day by day chart for BTC/USDT (Supply: CoinMarketCap)

The every day chart for BTC/USDT expresses the identical bearishness on BTC’s 4-hour chart. Much like the 4-hour chart, BTC’s worth is resting on the 20-day EMA line. The every day RSI indicator can also be displaying bearishness because the every day RSI line is sloped negatively in the direction of the oversold territory.

See also  CoinGecko: Bitcoin Is The Worst-performing Asset amongst Main Belongings

A affirmation of the bearish thesis might be when the every day RSI line crosses under the every day RSI SMA line earlier than the closing of tomorrow’s buying and selling session. This may justify the assumption that BTC’s worth will drop in the direction of the 50 EMA line on its 4-hour chart.

Disclaimer: The views and opinions, in addition to all the knowledge shared on this worth evaluation, are printed in good religion. Readers should do their very own analysis and due diligence. Any motion taken by the reader is strictly at their very own threat. Coin Version and its associates won’t be held accountable for any direct or oblique harm or loss.

CoinsTeacher

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