Bitcoin Selling Pressure: When It will Stop?
June 10, 2021|The Forex Secret –Bitcoin is moving down with an impulsive bearish pressure that makes investors believe that the price will take down the recent lows from the Elon Musk crash.
In recent days, the bearish possibility increased as soon as the cryptocurrency hacking occurred from hackers. As a result, investors started to lose their faith in crypto-assets and started panic selling.
Let’s see where the Bitcoin price may head from the Bitcoin Technical analysis:
Bitcoin Technical Analysis: Can price Breach the $30,000 Barrier?
Bitcoin bears are stable below the 40586.00 resistance level and the overall price sentiment will be bearish as long as the price is trading below this level. Moreover, the dynamic 20 EMA is providing resistance to the price, which is another reason to believe it is a selling possibility.
In the above image, we can see the daily chart of BTC/USDT where the price is getting resistant from the dynamic 20 EMA. Moreover, Aroon Down crossed over the Aroon up, pointing out that sellers became stronger to the price.Therefore, the overall market sentiment will be bearish as long as the Aroon Down will be above the Aroon Up. However, MACD Histogram is still bullish where any sign of a weaker Histogram would increase the bearish possibility in the price.
Is Bitcoin A Sell?
Based on the current price action, Bitcoin has a higher possibility of moving lower in the coming days. However any break below the 40566.80 level with a strong bullish daily close may alter the current market structure. In that case, the price may move higher towards $50,000 level.