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Bearish
âââ đ¨#crashing Bitcoin (BTC) 3-Day Chart Analysis
BTC is about to open a new 3-day candle, and the current formation resembles a gravestone doji, which indicates bearish continuation. Additionally, the EMA indicators on the 3-day chart are nearing a bearish crossover, which hasn't happened in a long time.
Key Levels to Watch:
Resistance: $99,030 â BTC needs to reclaim this level to shift momentum back to the upside.
Support: $93,000 â If BTC breaks below this level, we could see a correction towards $89K-$83K.
Stronger Support: $87,400 and $75,800 if the sell-off accelerates.
Technical Indicators:
EMA Crossover: EMA(8) and EMA(14) are close to a bearish crossover, signaling further downside risk.
RSI Levels: RSI(24) = 54.79, RSI(14) = 50.92, RSI(8) = 44.20 â Momentum is weak, but not yet in oversold territory.
Stochastic RSI = 0.00 â A potential relief bounce could happen, but it doesnât guarantee a trend reversal.
Market Outlook:
Bearish Scenario: If BTC loses $93K, a correction towards $89K-$83K is likely.
Bullish Reversal: BTC must reclaim $98K to regain bullish momentum.
Altcoins Impact: If BTC drops, altcoins could see 25-40% losses. However, buying altcoins 10% below their recent lows could present a solid accumulation opportunity. $BTC
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BTC is about to open a new 3-day candle, and the current formation resembles a gravestone doji, which indicates bearish continuation. Additionally, the EMA indicators on the 3-day chart are nearing a bearish crossover, which hasn't happened in a long time.
Key Levels to Watch:
Resistance: $99,030 â BTC needs to reclaim this level to shift momentum back to the upside.
Support: $93,000 â If BTC breaks below this level, we could see a correction towards $89K-$83K.
Stronger Support: $87,400 and $75,800 if the sell-off accelerates.
Technical Indicators:
EMA Crossover: EMA(8) and EMA(14) are close to a bearish crossover, signaling further downside risk.
RSI Levels: RSI(24) = 54.79, RSI(14) = 50.92, RSI(8) = 44.20 â Momentum is weak, but not yet in oversold territory.
Stochastic RSI = 0.00 â A potential relief bounce could happen, but it doesnât guarantee a trend reversal.
Market Outlook:
Bearish Scenario: If BTC loses $93K, a correction towards $89K-$83K is likely.
Bullish Reversal: BTC must reclaim $98K to regain bullish momentum.
Altcoins Impact: If BTC drops, altcoins could see 25-40% losses. However, buying altcoins 10% below their recent lows could present a solid accumulation opportunity. $BTC
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Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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