Is Bitcoin nearing the end of its downward trend? Can the 16500 dollar level be maintained? The latest Bitcoin price analysis shows a price drop. BTC/USD is facing resistance at the $16,642 mark. Support remains strong as at $16,416
Bitcoin price analysis shows that the cryptocurrency has seen a bearish trend in the latest price chart. The bearish trend has been continuing at its highest level, because the last few hours have seen a significant decrease in the price level. The price fell to the level of $ 16,548, making the change higher that started earlier in the day. As the short-term trend also shows downward movement, further price declines can be expected. However, some support is still strong for BTC. The $16,416 mark served as a strong support floor in the previous price movement, and this level may hold again in the near future. Also, the resistance is at $16,642, and if this level continues, the price of Bitcoin may see a recovery in the near future.
One-day BTC/USD price chart: bearish coin prices fall, ruining other opportunities for upside.
Bitcoin price analysis of day 1 shows that the price has dropped significantly today. This is done by the bears being able to stop the bullish winning streak. Bears reduced the value of the price to $16,548 with a loss of 0.32% in the last 24 hours. The price tried to gain momentum throughout the day, but when it resisted the $16,642 mark, it went down further.
Examining the 1-day moving average chart shows that there is a bearish trend in this chart. The price is still below the moving average (MA) which is currently set at $16,500. The Bollinger band has led to a significant increase, which is a negative indicator for the future. The Bollinger Band indicator on the 1-day price chart displays the following numbers; the upper band shows a value of $17,869 while the lower band shows a value of $15,501. Finally, the Relative Strength Index (RSI) moved lower and went down to 36.91.
Bitcoin Price Analysis: BTC Bulls Get Big Shock As Price Turns Strong
The 4-hour Bitcoin price analysis is turning positive because the cryptocurrency had a big loss in the last few hours. The BTC/USD exchange rate fell to the $16,548 level, which was unexpected. The dramatic increase earlier in the day reversed completely following the sharp price movement from $16,642 to $16,548. This sudden change caused a sharp change in Bitcoin from the top and the bears now seem to be taking over the market.
Meanwhile, the 4-hour price chart also shows that the moving average is at $16,502 and the Bollinger Bands average is at $16,543. The 20 SMA pattern is also on the bottom after a significant uptrend. Also, the upper Bollinger band is at the $16,613 level while the lower half is touching the $16,434 level. The relative strength index (RSI) has dropped significantly due to the continued bearish activity and is currently at 52.38.
Conclusion of Bitcoin Price Analysis
Overall, it seems that the current price movement indicates a bearish trend for Bitcoin price analysis. Bitcoin price changes may continue in this direction for a few more hours. However, we can expect a change if the short term begins to rise. It is possible that the Bitcoin bulls will not give up their fight soon and start to support at $16,416, which will also trigger an upward trend in the value of the BTC price.