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Abstract:Bitcoin traders keep the previous day’s bearish bias during early Friday as the quote drops below 50-SMA to $56,930, down 1.20% intraday.
Bitcoin traders keep the previous day‘s bearish bias during early Friday as the quote drops below 50-SMA to $56,930, down 1.20% intraday. The cryptocurrency major recently refreshed the day’s low with a $56,276 level, while extending Thursdays pullback from $60,079, before the latest corrective pullback.
Given the quotes failures to stay beyond $60,000, coupled with the downbeat MACD, BTC/USD sellers are likely to remain dominant.
However, a confluence of weekly support line, previous resistance, as well as an ascending trend line from February 28, currently around $55,900, offers a tough nut to break for the BTC/USD bears.
If at all the crypto major drops below $55,900, odds of its plunge to a 200-SMA level of $52,080 cant be ruled out.
Meanwhile, a corrective pullback beyond the 50-SMA level of $57,450 needs to provide sustained trading beyond the $60,000 threshold to recall the BTC/USD buyers.
To sum up, Bitcoin signals short-term correction amid a broad bullish trend.
BTC/USD four-hour chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.