Institutional Players Dodging up Bitcoin Retail Investors
The daily technical chart of BTC crypto price action plunges below the EMA-50 for the first time this year. Investors can observe in the chart mentioned above every time Bitcoin used to take support from the EMA-50 (red line) and bounce back to the higher levels, but this time trend got reversed. According to pivot points, Bitcoin’s critical support levels are $48000, $38750, $30500. Whereas if it moves upside, the crucial resistance to watch is $65970, $74280, $83750. Besides, the chart also features a bearish engulfing candle showing a definite bearish trend with high reliability.
The Exponential Moving Average (EMA), consisting of EMA 20 & 50, acts as solid support in the coin’s price. EMA 20 is very close to both the EMA intersecting below the EMA-50 line, indicating the beginning of bearish momentum. Investors may perceive the price is also below the EMA. So until the price remains below both EMA, it will ensure Bitcoin’s negative momentum.
The RSI indicator (Bearish) with the value of 39.40 indicates a sell signal in the coin, and the RSI line is going down from 55 to 39 on intraday session considered to be under selling pressure. It may plunge in short-term trading sessions.
The volume of (14.74K) showcases below the Volume MA (8.75K) of 20-days. The investors in Bitcoin are booking profits in the order book, which results in the fall of BTC. Investors may also observe constant volume in the chart, indicating minor signs of recovery.
The Exponential Moving Average (EMA), consisting of EMA 20 & 50, acts as solid support in the coin’s price. EMA 20 is very close to both the EMA intersecting below the EMA-50 line, indicating the beginning of bearish momentum. Investors may perceive the price is also below the EMA. So until the price remains below both EMA, it will ensure Bitcoin’s negative momentum.
The RSI indicator (Bearish) with the value of 39.40 indicates a sell signal in the coin, and the RSI line is going down from 55 to 39 on intraday session considered to be under selling pressure. It may plunge in short-term trading sessions.
The volume of (14.74K) showcases below the Volume MA (8.75K) of 20-days. The investors in Bitcoin are booking profits in the order book, which results in the fall of BTC. Investors may also observe constant volume in the chart, indicating minor signs of recovery.