Bitcoin Technical Analysis: Scary Scenario in Bitcoin

Bitcoin Technical Analysis: Scary Scenario in Bitcoin

Bitcoin, which started the rise from $15588 in November 2022 to the peak of $25211 in August 2022, tried to break its resistance in this region many times in the past week. Facing a tough sell from this resistance zone, Bitcoin continues to lose strength. Selling pressure has increased in Bitcoin, which has been falling for the last five days. Bitcoin first hung below EMA5 and broke down EMA21 with the hard selling experienced yesterday. Bitcoin, which started the day at $23940 yesterday, could not prevent sales after seeing the highest level of $24132 and closed the day at $23185 with a decrease of 3.15%.

Bitcoin, which started today at $23184, is trading at $23088 with a decrease of 0.42% at the time of writing.

Bitcoin Chart Analysis

Bitcoin, which has risen to the peak value of $25211 in August 2022, needs help meeting sales in this region. With the increasing selling pressure in Bitcoin, which gives a double top image, a movement toward below the averages started. First, the EMA5, which was $23595, began to show that it lost power by closing below the $23271, which is EMA21, with the yesterday’s complex sales. The selling pressure will continue to increase unless there are upside closures in Bitcoin, which started to close below the averages. The levels of $23595, the EMA5, and $23271, the EMA21, which broke down daily, are our upside resistance zones. If the selling pressure continues, $22558 horizontal support, $21942 EMA55, and $21676 EMA200 will be our first support points.

Bitcoin Technical Analysis: Scary Scenario in Bitcoin

What is the latest situation in Altcoin?

The latest situation in some altcoins;

  • Ethereum: down 0.38% at $1601,
  • Solano: up 0.04% at $23.08,
  • AVAX: down 0.87% at $18.23,
  • Ripple: up 0.54% at $0.3762,
  • BNB: It is trading at $301.4, down 0.30% at the time of writing.

This article does not contain investment advise or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when deciding.

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