During today’s session, the price of Bitcoin continues in a lateralization area between $ 3,200 and $ 3,500. The price has been tried in multiple ovations and managed to hold above $ 4000, however the bearish pressure has been stronger forcing the price to fall back including being close to the $ 3000 support.
We can see how the price enters a dangerous lateralization area, which can even have a strong setback that, if we compare it with the previous one when BTC was trading above $ 6500, this could reach the $ 1,500 of support at worst stage.
- Bitcoin enters lateralization area
- EMA 9/26 moving averages seek lateralization
- Buying force is relatively low
Analyzing the BTC / USD chart we can see how the price has not tried to go by a change of trend and could even be creating a bearish panorama area due to the great distrust and uncertainty regarding the crypto market. Although BTC is an asset that will continue to be used, the market is suspicious of everything related to ETFs and derivatives, which “promised” to be the catalyst for a new Bullish Rally.
From the technical analysis there is not much to mention, Bitcoin is in an area of uncertainty where it seeks to lateralize the price even more. The problem with this is that, the fall seen weeks ago can be replicated due to the distrust of many investors at this time where “hold up to death” is not a viable option when you have more than 10 BTC.
- Mobile averages EMA 9/26
- RSI (relative strength index) 40%
- Support $ 3000
- Resistance $ 5000
This analysis should be used as an information medium; it does not pretend to be an investment advice. Investing in cryptocurrencies