Bitcoin daily chart analysis/1D
bitcoin looks exhausted after + %50 rally,
$BTC Tested the strong resistance @ 50K area a couple of times and it failed to break it.
I think $BTC is heading for a correction after a recent 50% rally and the first strong support zone is the 42.5K_44K area.
Indicators:\
RSI is dropping below 50, which is indicating that the buying pressure is weakening and selling pressure is increasing.
MACD fast line crossed below the slow line is showing that BTC is losing momentum and reversal or ranging is occurring.
OBV and chain OSC which are a volume-based indicator as well are heading downward and looks like people's tendency for holding and buying $BTC at this point decreased.
Price Action & Chart analysis:
$BTC pushed out from the bullish channel and couldn't break the 50K (psychological and old resistance) zone.
Some pullback & correction for bitcoin after the recent rally looks healthy and it relieves the selling pressure and will attract new buyers at lower points and will start the new trend again.
Note: This is the work of a private trader and not a licensed professional, and it can be wrong, please do your own dd and research.
Thanks for reading it.
bitcoin looks exhausted after + %50 rally,
$BTC Tested the strong resistance @ 50K area a couple of times and it failed to break it.
I think $BTC is heading for a correction after a recent 50% rally and the first strong support zone is the 42.5K_44K area.
Indicators:\
RSI is dropping below 50, which is indicating that the buying pressure is weakening and selling pressure is increasing.
MACD fast line crossed below the slow line is showing that BTC is losing momentum and reversal or ranging is occurring.
OBV and chain OSC which are a volume-based indicator as well are heading downward and looks like people's tendency for holding and buying $BTC at this point decreased.
Price Action & Chart analysis:
$BTC pushed out from the bullish channel and couldn't break the 50K (psychological and old resistance) zone.
Some pullback & correction for bitcoin after the recent rally looks healthy and it relieves the selling pressure and will attract new buyers at lower points and will start the new trend again.
Note: This is the work of a private trader and not a licensed professional, and it can be wrong, please do your own dd and research.
Thanks for reading it.
