Bitcoin Under Pressure as Selling Continues, Testing Key Support

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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Bình luận:

The market is now below 22k as predicted, keep watching 200 days EMA, Traders needs to see buyers stepping in at that level

Bình luận:

we did not get any confirmation and the market did not find buyers near 200 D EMA, the next level is 18000k