The world’s largest cryptocurrency has once again become a victim of a strong consolidation range between $37K to $45K. The breakout above $45K during the start of the month gave positive hopes to the investors. However, the following retracement forced the price level to drop below $40K.
The contraction in Bollinger Bands suggests that we are poised for another phase of consolidation with the price level taking support at lower basis (38154.49). The upper basis (43498.16) of BB has also entered the consolidation range which is not a positive signal.
On the 8H timeframe, the chart reflects upon retracement faced by price level after testing the resistance at 0.382FIB level followed by negative crossover against all major EMAs. This may indicate that BTC might take a breather as the major support of $37K is coming into play.
The MACD levels also do not showcase a positive scenario for BTC. The levels are unable to move above the median line and currently forming red bars. This indicates that we can face a further downtrend in the upcoming trading sessions.
The contraction in Bollinger Bands suggests that we are poised for another phase of consolidation with the price level taking support at lower basis (38154.49). The upper basis (43498.16) of BB has also entered the consolidation range which is not a positive signal.
On the 8H timeframe, the chart reflects upon retracement faced by price level after testing the resistance at 0.382FIB level followed by negative crossover against all major EMAs. This may indicate that BTC might take a breather as the major support of $37K is coming into play.
The MACD levels also do not showcase a positive scenario for BTC. The levels are unable to move above the median line and currently forming red bars. This indicates that we can face a further downtrend in the upcoming trading sessions.