Thursday, March 7, 2024

Bitcoin Bears Flip The Tide As Threat of Extra Downsides Escalate

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Bitcoin worth is sliding and buying and selling under $27,000. BTC continues to be vulnerable to extra downsides under the $26,500 and $26,200 assist ranges.

  • Bitcoin is transferring decrease and exhibiting bearish indicators under $27,000.
  • The worth is buying and selling under $27,000 and the 100 hourly Easy transferring common.
  • There are two bearish pattern traces forming with resistance close to $26,950 and $27,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may proceed to maneuver down towards the $26,000 assist within the close to time period.

Bitcoin Value Extends Losses

Bitcoin worth struggled to begin a restoration wave above the $27,500 resistance. BTC remained in a bearish zone and declined additional under the $27,000 stage.

There was a drop under the $26,800 stage and the worth examined the $26,500 assist. A low is fashioned close to $26,551 and the worth is once more trying a restoration wave. There was a minor enhance above the $26,800 stage. Nonetheless, the worth continues to be dealing with many hurdles.

Bitcoin is now buying and selling under $27,000 and the 100 hourly Easy transferring common. There are additionally two bearish pattern traces forming with resistance close to $26,950 and $27,400 on the hourly chart of the BTC/USD pair.

Instant resistance is close to the $26,950 stage and the primary pattern line. It’s near the 23.6% Fib retracement stage of the downward transfer from the $28,284 swing excessive to the $26,551 low. The subsequent key resistance may very well be close to the $27,400 stage and second the pattern line.

The second pattern line is close to the 50% Fib retracement stage of the downward transfer from the $28,284 swing excessive to the $26,551 low. The primary main resistance is $27,500 and the 100 hourly Easy transferring common, above which Bitcoin may take a look at $27,800.

Supply: BTCUSD on TradingView.com

The primary hurdle continues to be $28,500. An in depth above the $28,500 resistance may begin one other enhance. Within the acknowledged case, the worth may rise towards the $30,000 resistance.

Extra Losses In BTC?

If Bitcoin fails to get better increased above the $27,000 resistance, there may very well be extra losses. Instant assist on the draw back is close to the $26,650 stage.

The subsequent main assist is close to the $26,500 stage. A draw back break and shut under the $26,500 assist may ship the worth additional decrease. The subsequent assist sits at $26,000.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now under the 50 stage.

Main Help Ranges – $26,650, adopted by $26,500.

Main Resistance Ranges – $27,000, $27,400, and $27,500.



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