$BTC BITCOIN'S SMALL RECOVERY DOESN'T CHANGE THE BIGGER PICTURE YET
I used to think that whenever Bitcoin bounced after a sharp decline, buyers were already taking control. But looking at this BTCUSD 15-minute chart, I believe there is more to consider before calling a recovery.
At the time of this screenshot, Bitcoin was trading at $72,363.6, down 1.90% over 24 hours. What stands out to me is that the price remains below all three displayed moving averages.
The MA(7) is at $72,512.3, MA(25) at $73,038.6, and MA(99) at $73,674.2. The Supertrend is also above the current price at $73,128.6.
For me, this shows that the short-term structure is still under pressure. Another important detail is the recent low of $72,100.5. Price bounced slightly after reaching this area, but one reaction is not enough to confirm a trend reversal.
I also think moving averages should be viewed carefully because they are based on previous price data and can lag behind market movements.
Bitcoin now needs to show stronger price action before the chart gives a convincing change in direction.
Do you think buyers can regain control, or will selling pressure continue?
#BTC $BTC @Bitcoin
I used to think that whenever Bitcoin bounced after a sharp decline, buyers were already taking control. But looking at this BTCUSD 15-minute chart, I believe there is more to consider before calling a recovery.
At the time of this screenshot, Bitcoin was trading at $72,363.6, down 1.90% over 24 hours. What stands out to me is that the price remains below all three displayed moving averages.
The MA(7) is at $72,512.3, MA(25) at $73,038.6, and MA(99) at $73,674.2. The Supertrend is also above the current price at $73,128.6.
For me, this shows that the short-term structure is still under pressure. Another important detail is the recent low of $72,100.5. Price bounced slightly after reaching this area, but one reaction is not enough to confirm a trend reversal.
I also think moving averages should be viewed carefully because they are based on previous price data and can lag behind market movements.
Bitcoin now needs to show stronger price action before the chart gives a convincing change in direction.
Do you think buyers can regain control, or will selling pressure continue?
#BTC $BTC @Bitcoin
