Bitcoin Technical Analysis: Down Trend Again

Although the leading cryptocurrency Bitcoin tried hard to break the resistance at $252212 for days, it always faced selling at this level. After these sales, Bitcoin, which retreated a little and rose again towards the resistance, failed to break this resistance and seems to have turned its direction down again. Bitcoin, which broke the falling trend from August 2022 last week and forced the resistance at $ 25212, appears to be back under the trend today. The longer this trend continues, the more likely that selling pressure will increase. Bitcoin, which started the day at $ 24351 yesterday after testing the daily high of $ 25250, closed at $ 24452 with a decrease of 1.57%.

Bitcoin, which started today at $ 24450, is trading at $ 24018 with a decrease of 1.77% at the time of writing.


Bitcoin Chart Analysis

Bitcoin, pushing the resistance at $ 25212 for almost a week, cannot prevent sales from this region. This sale has increased the pressure on Bitcoin. Bitcoin, which returned under the falling trend with the sales yesterday, broke the $ 24240 level, which is currently EMA5, showing that the selling pressure will continue. In closes below EMA5, $23254 (EMA21), and $21769 (EMA100), levels can be followed as support points. On possible upside turns, the EMA5 $24240 and $25212 groups can be observed as resistance.

Bitcoin Technical Analysis: Down Trend Again

What is the latest situation in Altcoin?

The latest situation in some altcoins;

  • Ethereum: down 1.18% at $1640,
  • Solano: down 5.12% at $23.73,
  • Avax: down 1.81% at $20.60,
  • Ripple: up 0.04% at $0.3887,
  • BNB: It is trading at $306.8, down 1.51% at the time of writing.

This article does not contain investment advise or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

You might check: There Is A Decrease In The Number Of Bitcoin Whales: The Lowest Number Since 2019

Jose Sequeira

Strong media and communication professional with a MA in Broadcast Journalism from City University and a BA in Media Studies with Spanish from the University of Sussex. Started my career as a journalist I have been working for almost 10 years in different regional and national news channels along with assorted media and still now I am working for different digital content creators. I love staying up to date with the latest developments in the crypto world, and I'm always on the lookout for new and innovative blockchain projects. I believe that crypto has the potential to revolutionize the way we think about finance and money, and I'm committed to bringing the most important news and analysis to my readers. With my extensive knowledge of the industry and my ability to spot emerging trends, I'm confident in my ability to keep my readers informed and engaged in this fast-paced and rapidly changing space.

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