Bitcoin is giving bearish signal on almost every oscillators. But are we about to witness something really amazing. let’s see what’s our TA saying.
The price has changed relatively little over the past few days, as can be seen on the daily chart. At the $20K support area, Bitcoin is currently consolidating in a very narrow range. The $22K and $23K levels, respectively, are where the 50-day and 100-day moving average lines are situated.
A bearish breakout beneath $20K may be anticipated if the price is unable to rise above these levels in the near term. Another significant negative move towards the $15K region and beyond would be likely in this situation.
On the other hand, a rally into the $30K supply zone would be quite likely if the price breaks above these moving average lines and the $24K static resistance level. On the daily chart, the market structure is still bearish. In the end, it looks that the bearish scenario is currently the most likely result.
The price is entrapped in a symmetrical triangle pattern between the $20K and $21K levels on the 4-hour period. Depending on whether the price breaks them to the upside or the downside, these could be either continuation or reversal patterns.
But in 15 minutes chart, bitcoin is making symmetric triangle pattern. On breaking, any side movement can happen in no time.
Source: Naman Sharma Tradingview
Bitcoin miners are important players in the market, and their actions can have a significant impact on the price. Along with holding a lot of BTC, they also assist in securing the network, which is thought to be more valuable.
It is clear from the Bitcoin Miner Reserve chart that the miners have been under a lot of strain. There is a chance that prices will fall much more in the near future, to as low as $18K. The miners have had to sell an increasing amount of the Bitcoin they have mined in order to fund operating expenses over the past few months due to this dramatic slump. The Miner Reserve statistic, which has been on a downward trend since early August, illustrates these results.
Which coin’s analysis should we do next? Share with us in the comments.
Get these TA straight to your inbox. Subscribe to the newsletter.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Circle of Games (COG)—Web3's multi-gaming platform has raised a $1mn round from Nazara, with participation…
Unconference Bali 2024, Asia’s premier Web3 event, is poised to take center stage against the…
Tradeleaf, a leading FinTech company empowering global trade through digital solutions, recently celebrated a significant…
Foundership Global Accelerator, a prominent force in the Web3 & Emerging-Tech Community boasting over 10,000…
April 16, 2024 - Condo, the world's first real-world asset (RWA) meme token, was recently…
The Partisia Blockchain Foundation, at the forefront of crafting privacy-enhancing and interoperable blockchain platforms, today…
