The bearish perspective is further supported
Bitcoin's price trajectory has recently taken a downward turn, by breaching the key support levels and forming a rising wedge pattern. This bearish pattern emerged as the price stabilized at the higher levels, which followed a period of steady gains.
However, the latest market structure shows a clear breakdown from the wedge in 4-H TF, marked by a series of strong bearish candles and the formation of a new lower low structure, which is hinting towards the change in the investors sentiment towards the pessimism.
This pattern suggests an increased probability of further declines in Bitcoin's price in the coming sessions, this signaling that investors might brace for the possibility of a continued downtrend in the near future.
On the technical front, the 50-day and 200-day Exponential Moving Averages's on the 4-hour chart of Bitcoin have exhibited a golden crossover, which is generally considered a bullish indicator. Despite this, the price of Bitcoin has fallen beneath the 200-day EMA, which is a sign that the bullish trend is waning.
The bearish perspective is further supported by the Moving Average Convergence Divergence indicator, which has presented a new sell signal following a bearish crossover with its signal line, with both lines trending downwards.
Moreover, the RSI is showing a decrease in bullish momentum and a rise in bearish pressure, with a current reading of 41.44. This highlights oversold market conditions, which is corroborated by the RSI's descent below the 14-day Simple Moving Average.
However, the latest market structure shows a clear breakdown from the wedge in 4-H TF, marked by a series of strong bearish candles and the formation of a new lower low structure, which is hinting towards the change in the investors sentiment towards the pessimism.
This pattern suggests an increased probability of further declines in Bitcoin's price in the coming sessions, this signaling that investors might brace for the possibility of a continued downtrend in the near future.
On the technical front, the 50-day and 200-day Exponential Moving Averages's on the 4-hour chart of Bitcoin have exhibited a golden crossover, which is generally considered a bullish indicator. Despite this, the price of Bitcoin has fallen beneath the 200-day EMA, which is a sign that the bullish trend is waning.
The bearish perspective is further supported by the Moving Average Convergence Divergence indicator, which has presented a new sell signal following a bearish crossover with its signal line, with both lines trending downwards.
Moreover, the RSI is showing a decrease in bullish momentum and a rise in bearish pressure, with a current reading of 41.44. This highlights oversold market conditions, which is corroborated by the RSI's descent below the 14-day Simple Moving Average.
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