The crypto had a successful bullish break out two days ago from a key price resistance level, but the price had a pullback that resulted in what can be tagged a fake break out, thus the coin is now assuming a bearish trend outlook.
Supply levels: $95, $114, $139
Demand levels: $76, $55, $32
BTCUSD Medium-term Trend: Bearish
BTCUSD has taken a bearish under-tone since closing back after breaking the price resistance level of $114. This situation has thrown traders in a state pandemonium because every condition previously was showing a bullish market bearing, however, this might be a fake break out. The price might now be targeting the price level of $95 or lower to $76 on the new bearish outlook.
The daily chart shows that the price has gone below the 14 Exponential Moving Average, now heading to meet up with the 50 Exponential Moving Average, While the MACD Indicator is signaling bearish trend support.
BTCUSD Short-term Trend: Bearish
The crypto is exhibiting a bearish outlook; the price is targeting the next price resistance level, and a break of it will trigger the bearish call.
The price on the chart is below the 50 Exponential Moving Average, and the Pivot Reversal Indicator arrow is popped out for a bearish indication.
Please note: Dapplife.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.