Bitcoin Price Faces First Bearish Wave of 2021
Bitcoin price levels were grooving with the positive volume provided by institutional buyers including Grayscale, Fidelity Investments, Massachusetts Institue of Technology, and many more following FOMO among the retails investors too. With the bulls embracing the world's largest cryptocurrency from the starting of the year, the price levels made new ATHs at regular intervals this month. However, the sole competitor of Bitcoin,i.e., the U.S. dollar, provided trouble to other financial markets consisting of commodities (Gold faced the loss of 1.50%) and the overall crypto market conditions. The U.S. Dollar has performed positively against several major other centralized currencies due to notable positive moves in U.S. bond yields hurting the other investing assets. The treasury yield curve has witnessed a significant increase within a short timeframe by 20-22 basis points. The basis behind this positive move is said to be substantially repressing of yields by Fed policy.
The technical chart of Bitcoin has formed a falling wedge pattern due to the ongoing downtrend. The price levels faced negative breakouts below 20-EMA and 50-EMA, respectively. If the downtrend for the crypto king continues in the upcoming trading sessions, one can expect 200-EMA to be acting as a strong support line. On the contrary, a positive breakout from the falling wedge pattern can be an indication of a comeback of the bulls.
The moving average convergence & divergence (MACD) faced a bearish crossover, and the levels are now below the signal line providing negative signals.
The relative strength index (RSI) also faced a negative breakout to the oversold region and currently standing at 41.08.
The directional movement index (DMI) also showcased bearish nature as -DI remained above ADX.
Resistance Level: $42,000.00 & $38,700.00
Support Level: $33,000.00 & $28,600.00
The technical chart of Bitcoin has formed a falling wedge pattern due to the ongoing downtrend. The price levels faced negative breakouts below 20-EMA and 50-EMA, respectively. If the downtrend for the crypto king continues in the upcoming trading sessions, one can expect 200-EMA to be acting as a strong support line. On the contrary, a positive breakout from the falling wedge pattern can be an indication of a comeback of the bulls.
The moving average convergence & divergence (MACD) faced a bearish crossover, and the levels are now below the signal line providing negative signals.
The relative strength index (RSI) also faced a negative breakout to the oversold region and currently standing at 41.08.
The directional movement index (DMI) also showcased bearish nature as -DI remained above ADX.
Resistance Level: $42,000.00 & $38,700.00
Support Level: $33,000.00 & $28,600.00
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