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Bitcoin Failed At Critical Resistance, Here’s The Support Level To Watch: BTC Price Analysis

The technical indicators are showing weakness in the short term. The onchian activity of retailers in response to the volatile market continues to increase. This can be translated to the high probability of a side hacking market in the medium term. In a phase of low trading volume, such as current market conditions, capitulation events are expected more than ever. Technical Analysis By: Grizzley Long Term: On the daily time frame, the recent uptrend was stopped by touching the low band of Bollinger Bands (BB) and a long candlestick formed. While the RSI indicator broke above its downward trendline, the safer strategy would be to wait for the price to cross the BB baseline. Then market parties can be confident that the buyer’s side is stronger in the order book. Source: TradingView Short-Term: Bitcoin was rejected by the formed supply zone at $39.3K, leading to a correction on the 4H timeframe. The initial support of $36.2K has held the price so far, and the lower shadows on the candlesticks indicate buy orders in this area. The next support is at $35.5K while crossing the supply zone ($39.3K) is vital to continue the uptrend. Source: TradingView Onchain Analysis By: CryptoVizArt Source: CryptoQuant The activity of retailers on the bitcoin network can be mapped with many statistics. One of the simplest yet most powerful analysts can use to estimate the intensity of the small investor’s activity is the median size of the token transferred per transaction. The 14D SMA of this metric is shown in the chart above. The clear difference between price and the 14D SMA of this metric in the following image is a sign that retailers are still reacting to the fear in the market. A trend reversal would be a sign that paper-handed investors are being flushed out of the market and that a medium-term price recovery would be achievable SPECIAL OFFER (Sponsored) Binance Free $100 (exclusive): Use this link to register and get $100 for free 10% discount on fees on Binance Futures first month (conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees. Disclaimer: Information on CryptoPotato is that of quoted writers. It does not represent CryptoPotato’s views on buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information. Cryptocurrency Charts by TradingView.
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