BTC Technical Analysis: Sellers Keep Grinding BTC Prices

BTC prices break another solid support of $35000 as the selling pressure grows. So, should you wait for a bullish recovery, or is it the time to sell?  Key technical points:
  • The BTC price cracks under $35000.
  • The EMAs maintain a bearish alignment.
  • The 24-hour trading volume of Bitcoin is $39.97 Billion, indicating a 16.27% rise. 

Past Performance of BTC

BTC prices showcase a bullish failure to sustain above the $45000 resulting in the ongoing correction phase and the $35000 breakout. The downtrend destroys 30% of the market value of Bitcoin in the last month and breaks under all the crucial daily EMAs. TradingView Chart Source-Tradingview

BTC Technical Analysis 

BTC prices failed to create a single bullish candle in the last six days, reflecting the degree of selling pressure driving the bearish trend. Therefore, traders can find selling opportunities shortly with closing below the $33000.  TheEMAs maintain a bearish alignment with the market value below the 200 EMA with a significant bearish spread between the EMAs.  TheRSI slope is at the oversold line when it fails to cross over the 14-day average line as well as the mid-point line. Thus, if the declining RSI value continues a downtrend within the 14-day SMA and enters the oversold zone, it will signal a selling spot. TheMACD indicator displays the continuation of the falling trend in slow and fast lines in the negative region, with an astonishing rise of bearish histograms. Therefore, the indicator suggests an extremely solid bearish underlying ready to break $33000. In short, the BTC technical analysis forecasts a downtrend ready to reach the $30000 support level.

Upcoming Trend

If the sellers maintain the control of trends for the moment and tomorrow, it is likely that the BTC market value will surpass the $33000 mark, and increase the probability of reaching that psychological $30000 mark. A lower price rejection can slow the continuation of the trend and increase the chance of a reversal that could reach $35000. Support Levels: $33000 and $30000 Resistance Levels: $38000 and $35000 

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