Bitcoin’s Daily Chart Shows Bearish Trend: Is the Crypto Market in for a Wild Ride?

Bitcoin Price Rests on Key Support Level, Crypto Analyst Warns

Bitcoin (BTC) is currently resting on a key support level at around $30,130, according to crypto analyst TARA (@PrecisionTrade3). The analyst tweeted that BTC’s price would be “fine” as long as the identified support level held. However, there was very strong sell volume pushing BTC’s price down at the time of the tweet. At press time, the $30,130 support level was able to hold over the last 24 hours, as CoinMarketCap shows that BTC’s price is currently trading at $30,455.80. Nonetheless, the market leader’s price dropped 0.96% over the last 24 hours.

BTC’s market dominance also decreased slightly, estimated to be around 46.23%, which is 0.20% lower than yesterday. The crypto’s price continues to receive support from the 9-day and 20-day EMA lines at press time. However, traders may want to take note of the bearish ascending wedge pattern which has formed on the crypto’s daily chart. This pattern suggests that BTC’s price will drop in the next 24-48 hours, especially since BTC’s price is edging closer to the apex of the pattern.

BTC’s price was able to break out of this bearish pattern yesterday but closed the day’s trading session back within the chart pattern. Should BTC’s price fail to close a daily trading session above this pattern within the next 48 hours, then the crypto’s price will likely drop to $28,850 in the upcoming week. Traders should also be aware that the crypto market is highly volatile and subject to rapid price changes.

It is important for readers to do their own research and due diligence before making any investment decisions. Any action taken by the reader is strictly at their own risk. CoinEdition and its affiliates will not be held liable for any direct or indirect damage or loss caused by the information shared in this article.

Martin Reid

Martin Reid

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