Bitcoin Rate Analysis: BTC Continues Today’s Bearishness, Next Stop $51K?

The short-term bearish momentum for Bitcoin continues, following another 3.5% cost decline today as the cryptocurrency come by a total of $2,000 into the $55K zone.BTC had been carrying out well recently as it followed a high ascending rate channel and even managed to produce a fresh ATH over the weekend at $61,780 (according to Bitstamp). From, there, it began to head lower as it broke beneath the ascending channel on Monday.The cryptocurrency discovered support at$54,560(.382 Fib)on Monday. It did increase even more below this level the other day, reaching as low as $53,220, but the daily candle light managed to close at $56,950 following a great reversal.Today, the 3.5%rate drop caused BTC to head back beneath $55,000 as it evaluated those support at $54,5560 (.382 Fib). As of now, Bitcoin stopped working to reclaim the previous mid-February ATH level of $58.5 K, together with the bearish divergence on the mid-term, which might be fretting indications for the bulls in the short-term. BTC Price Assistance and Resistance Levels to See Key Assistance Levels:$54,560, $53,220 (this week’s low ),$52,340,$51,000,$

50,000. Key Resistance Levels: $56,950, $58,355,$60,000, $61,780, $62,170.

Looking ahead, the first level of support lies straight at $54,560(.382 Fib).

This is followed by assistance at$53,220 (yesterday’s low),$52,340(.5 Fib), $51,000 (disadvantage 1.272 Fib Extension)and $50,000(.618 Fib). On the other side, the firs strong resistance lies at the other day’s high, around $56,950. Above this, resistance lies at $58,355(previous ATH),$60,000, and$61,780 (present ATH). Extra resistance lies at $62,170 (1.414 Fib Extension)and$65,000. The RSI has actually gone back to the midline and is beginning to

poke below it, showing the bears are attempting to acquire control of the market momentum. If it continues below 50, the bearish momentum will increase and trigger BTC to head back towards$50,000. On the larger picture, there is a timeless bearish divergence that has actually formed on the day-to-day time-frame and might be a warning red flag for the bulls. From late-February(the previous ATH of$ 58K) to recently, rate action was making higher highs while the RSI made lower highs.Bitstamp BTC/USD Daily Chart BTC/USD Daily Chart. Source: TradingView Bitstamp BTC/USD 4-Hour Chart

BTC/USD 4-Hour Chart. Source: TradingView SPECIAL DEAL(Sponsored )Binance Futures 50 USDT FREE Coupon: Utilize this link to register
& get 10% off fees and 50 USDT when trading 500 USDT(minimal offer). PrimeXBT Special Deal: Utilize this link to register

& go into CRYPTOPOTATO35 code to get 35%
totally free reward on any deposit as much as 1 BTC.Disclaimer: Details discovered on CryptoPotato is those of authors quoted. It does not represent the opinions of CryptoPotatoon whether to buy, sell, or hold any investments. You are recommended to conduct your own research study before making any financial investment choices

. Use supplied info at your own risk. See Disclaimer to find out more. Cryptocurrency charts by TradingView. Enjoy reading? Share with your good friends Published at Wed, 17 Mar 2021 12:58:12 +0000


Please enter your comment!
Please enter your name here