Bitcoin price has witnessed a sharp fall over the 24 hours and the reason for the same is unknown. The coin witnessed excessive selling pressure causing price to dip by 9% in the past day.
Most gains that Bitcoin secured in a week were lost due to the recent price drop.
Over the past weeks Bitcoin had continued to form an ascending trendline, it happens often that the coin witnesses a price breakout after moving in an upward trendline for sometime.
Technical outlook for the coin painted a bearish picture as buying strength declined considerably in just a day.
Bitcoin was unable to push itself above its resistance level of $25,500. This might have caused the crypto to lose momentum and break below the trendline.
Push from buyers were lacking hence sellers had taken over. At press time the bears were back on the chart. The bears might bring in further losses for the coin if buyers don’t come to the rescue.
Bitcoin Price Analysis: Four Hour Chart
Bitcoin was priced at $21,200 on the four hour chart Source: BTCUSD on TradingView
The fall in buying strength made Bitcoin price portray sell signal on the chart. The Moving Average Convergence Divergence depicts the price momentum and the reversal in the same. MACD underwent a bearish crossover and flashed red histograms which are also considered sell signal for the coin.
The Directional Movement Index indicates the direction and price momentum. DMI was negative as the -DI line was above the +DI line. The Average Directional Index was near the 40-mark which translates to the current price momentum gaining strength, this could mean further dips for Bitcoin price.
Featured image from UnSplash, Charts from TradingView.com
Bitcoin price has witnessed a sharp fall over the 24 hours and the reason for the same is unknown. The coin witnessed excessive selling pressure causing price to dip by 9% in the past day.
Most gains that Bitcoin secured in a week were lost due to the recent price drop.
Over the past weeks Bitcoin had continued to form an ascending trendline, it happens often that the coin witnesses a price breakout after moving in an upward trendline for sometime.
Technical outlook for the coin painted a bearish picture as buying strength declined considerably in just a day.
Bitcoin was unable to push itself above its resistance level of $25,500. This might have caused the crypto to lose momentum and break below the trendline.
Push from buyers were lacking hence sellers had taken over. At press time the bears were back on the chart. The bears might bring in further losses for the coin if buyers don’t come to the rescue.
Bitcoin Price Analysis: Four Hour Chart
Bitcoin was priced at $21,200 on the four hour chart
