BITCOIN Price ANALYSIS - (Based on 15m Chart)
The Bitcoin chart is showing a clear bearish (downward) trend for the short term. The current price is 78,237, which is trading below all three major moving averages 78,459, MA25 at 78,682, and MA99 at 78,855). The MA99 at 78,855 is acting as a strong ceiling. Additionally, the SAR indicator is above the price at 78,829, and the RSI has dropped to 32.93, which shows that sellers are completely in control right now.
There is about a 70% chance that Bitcoin moves further down, while the upside probability is only 30%. The critical support zone is between 77,500 and 77,900. If the price breaks below 77,900, it will quickly fall to 77,000. On the other hand, the main resistance is at 78,800. Bitcoin will only turn bullish if it breaks and closes back above this 78,800 level.
The 15-minute chart shows that buying interest is very weak right now. Although oil prices fell and Ukraine peace talks gave some relief, the hot inflation data (PCE 3.6%) is keeping the pressure on Bitcoin. I advise you to avoid buying right now. Wait for a clean break above 78,800 to enter a long trade; otherwise, the bearish trend is likely to continue towards 77,000.
#BTC☀ $BTC
The Bitcoin chart is showing a clear bearish (downward) trend for the short term. The current price is 78,237, which is trading below all three major moving averages 78,459, MA25 at 78,682, and MA99 at 78,855). The MA99 at 78,855 is acting as a strong ceiling. Additionally, the SAR indicator is above the price at 78,829, and the RSI has dropped to 32.93, which shows that sellers are completely in control right now.
There is about a 70% chance that Bitcoin moves further down, while the upside probability is only 30%. The critical support zone is between 77,500 and 77,900. If the price breaks below 77,900, it will quickly fall to 77,000. On the other hand, the main resistance is at 78,800. Bitcoin will only turn bullish if it breaks and closes back above this 78,800 level.
The 15-minute chart shows that buying interest is very weak right now. Although oil prices fell and Ukraine peace talks gave some relief, the hot inflation data (PCE 3.6%) is keeping the pressure on Bitcoin. I advise you to avoid buying right now. Wait for a clean break above 78,800 to enter a long trade; otherwise, the bearish trend is likely to continue towards 77,000.
#BTC☀ $BTC
