The coin rejected a key resistance level, which is now forming the base for the market support. And it has broken a price resistance level to hold on to the bearish anticipation.
Supply levels: $95, $114, $139
Demand levels: $76, $55, $32
BTCUSD Medium-term Trend: Bearish
BTCUSD Medium-term Trend has taken a bearish outlook after breaking the $114 price resistance level, the coin will likely move down to the price resistance level of $95 or $76 and even lower.
The daily chart shows that the 14 and 50 Exponential Moving Averages is yet to confirm the bearish trend, the price is close to 14 Exponential Moving Average. Also, the MACD is Histogram bars and signal lines have not to cross for the bearish market position.
BTCUSD Short-term Trend: Bearish
The coin Short-term trend is bearish, the market has done the needed corrective market movement, and now looks set to re-align with the bearish trend, and also the price is seen below a barrier level to authenticate the bearish trend movement for the next resistance level.
The 4-hours chart shows that the market price has been able to break below the 14 and 50 Exponential Moving Averages, while the MACD Indicator is showing a slight bearish momentum.
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