Bitcoin Präis Analyse- BTC op Verléierer Streak No bei $ 17800; Wäert et halen?

The five consecutive red candles in the daily time frame chart indicate a sudden turnaround in the Bitcoin (BTC) recovery rally. Furthermore, a gradual rise in volume activity during the downfall validates a genuine reversal. The sustained selling pressure teases the coin price may fall to June low support of $18000.

Schlëmmsten Punkten: 

• The daily-RSI slope nosedived into the oversold territory.
• the BTC price is threatened with a more 5% fall if it shows sustainability at its current level below $20000.
• Den Intraday Handelsvolumen am Bitcoin ass $ 25.2 Milliarde, wat e Verloscht vun 1.63% ugeet.

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A 21.3% recovery boost the BTC/USDT pair witnessed last week surged to the $21783 mark. However, the recent tragic news of the renowned venture capital firm-Dräi Arrows Capital, hitting a margin call on its over-extended long position caused a significant impact on the crypto space.

As a result, the BTC price turned down from the $22000-21783 resistance zone and depreciated 13%. The five consecutive daily-red candles reflect aggressive selling in the market, as it undermines the previous recovery rally. 

Today, the BTC price is down by 5% and offers a decisive breakdown from the $20000 psychological level. Thus, a candle closing below this level would continue the downward spiral to June low support of $18000. 

However, this psychological support aligned with a 0.786 Fibonacci retracement level mounts strong support for coin holders.

If buyers manage to defend it, the replenished bullish momentum has a better chance of breaching the $20000 mark.

Technesch Indicator 

RSI Indikator: the RSI slope breached the 14-SMA line and entered an oversold territory with today’s price drop, accentuating a high selling pressure in the market.

EMAs: the BTC price trading below the fast-moving 20 EMA among the bearish sequence of crucial EMAs(20, 50, 100, and 200 EMAs) indicates the downtrend is in full throttle.

• Resistenzniveau - $ 20000 an $ 22000
• Ënnerstëtzung Niveau- $ 18000 an $ 16000