Bitcoin Under Pressure as Selling Continues, Testing Key Support
Updated
Bitcoin has been consolidating around the 22000 level in recent days, with a potential breakout looming in the near future. However, the current price action suggests a bearish trend with selling pressure bringing the price down toward the support levels.
Additionally, the pair has broken below both the 55-day and 100-day EMA, which indicates a weakening bullish trend. The next possible support level is the 200-day EMA at 21200, which could potentially provide a strong bullish reaction if the price bounces from this level.
On the 4-hour chart, the price action is expected to remain bearish, with a possible continuation of the downward momentum. Traders may want to wait for a bullish confirmation before considering a long position, such as a bullish engulfing pattern or a trend line breakout.
It is crucial to exercise proper risk management techniques and always consider your risk tolerance before entering any trade.
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Additionally, the pair has broken below both the 55-day and 100-day EMA, which indicates a weakening bullish trend. The next possible support level is the 200-day EMA at 21200, which could potentially provide a strong bullish reaction if the price bounces from this level.
On the 4-hour chart, the price action is expected to remain bearish, with a possible continuation of the downward momentum. Traders may want to wait for a bullish confirmation before considering a long position, such as a bullish engulfing pattern or a trend line breakout.
It is crucial to exercise proper risk management techniques and always consider your risk tolerance before entering any trade.
Follow us for more updates on cryptocurrency trading strategies and analysis.
Note
The market is now below 22k as predicted, keep watching 200 days EMA, Traders needs to see buyers stepping in at that levelNote
we did not get any confirmation and the market did not find buyers near 200 D EMA, the next level is 18000k
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