#Bitcoin #BitcoinForecast #BTC/USDT #Blockchain #TechnicalForecast
- There is no “fuel” for further market declines right now
- Sellers are outweighing the last 24 hours, which makes a reversal possible
- BTC/USDT Technical Analysis and Forecast
Аnalysts at Glassnode pointed out the high degree of correlation between gold and BTC over the last 12 months.
Ou expectations of reaching the next resistance level in the 31400 – 31800 range failed and BTC/USDT corrected. Yesterday’s decline stopped exactly at 28300 – 28900, which was broken 10 days ago.
Judging by the liquidation chart we can see that there were more profit taking than liquidations on this move. This indicates that there is no “fuel” for further market declines right now.
Technically, the price is back and it is testing the break-down level. According to the RSI indicator, we also got outbought and are near the midpoint, which we could see on the 10th and 14th of February and a reversal was formed after that. If the price can go back below 28300 – 28900 and latch on there, we might see a further decline.
The ratio of buyers to sellers in BTC over the last 24 hours indicates a slight outnumbering of sellers, which could be a signal for a reversal of the situation, as fuel for growth appears.
Here, as in the gold situation, further strong gains and overcoming the resistance level in the 31400 – 31800 range should be expected after the heavyweight companies report from the US. But an increase to the previous levels, around 31000 or even 31400 – 31800 is highly probable. In fact, gold has already taken yesterday’s fall. If the 28300 – 28900 level does not hold, there might be a deeper retracement towards the 50 SMA, which will also lead the RSI to an oversold condition.
If you looking for trading platform to choose, which is the best online broker to start with, check below our guide.
Best Trading Platform in April 2023 review and comparison.
Latest News