A support fallout from a flag pattern suggests further correction in Bitcoin (BTC) price. The successful retest validates this breakdown, followed by a 4% decline in price. Responding to the pattern fallout, the coin price could hit $36650 and, with sustained selling, the $30000 mark.
Key points on BTC analysis:
- The BTC price give witnessed a 9% fall within a fortnight
- An upside breakout from the $40000 resistance would invalidate the bearish theory
- The intraday trading volume in the Bitcoin is $27.3 Billion, indicating a 3.2% gain
ប្រភព - ជួញដូរ
នៅថ្ងៃទី២២ ខែមេសា គ Bitcoin (BTC) price gave a bearish breakout from a four-month-old flag pattern. Amid the pattern fallout, the coin holders lost the $40000 psychological support, intensifying the ongoing correction.
After spending a week retesting these breached support levels, the BTC price continues to decline to reach its current value of $37909.
The sustained selling would hit the near support of $36650, and the following breakdown would sink the coin to January bottom support at $30000.
Any unexpected pullback needs to overcome the descending trendline and $40000 to provide a recovery sign.
NVT Ration hints Bitcoin(BTC) is undervalued
The Network Value to Transactions (NVT) Ratio created by Willy Woo indicates the relation between market capitalization and transfer volume. It is calculated by dividing market cap(USD) by daily transfer volume(USD).
A high NVT value indicates the Market Cap growth exceeds the transaction volume, suggesting the BTC price is trading at a premium or overvalued.
Conversely, a low NVT value is considered the coin price is trading at a discount or undervalued.
The current value of the NVT ratio is near 26(undervalued), a level last seen in early 2016 and late 2017, which triggered a significant upward move.
សូចនាករបច្ចេកទេស -
Despite descending price action, the RSI slope forming a higher low suggests losing bearish momentum. This bullish divergence gives the price to rebound in the near future.
A slight down curve in crucial EMAs(20,50, 100, and 200) suggests bears have the upper hand in the overall sideways rally. Moreover, the 20-day EMA offers constant resistance to the BTC price.
- កម្រិត Resistance - $40000, $42350
- កម្រិតគាំទ្រ - $ 36650, $ 33000
ខ្លឹមសារដែលបានបង្ហាញអាចរាប់បញ្ចូលទាំងគំនិតផ្ទាល់ខ្លួនរបស់អ្នកនិពន្ធនិងស្ថិតក្នុងស្ថានភាពទីផ្សារ។ ធ្វើការស្រាវជ្រាវទីផ្សាររបស់អ្នកមុនពេលវិនិយោគលើគ្រីបគ្រីប។ អ្នកនិពន្ធឬការបោះពុម្ពផ្សាយមិនទទួលខុសត្រូវចំពោះការបាត់បង់ហិរញ្ញវត្ថុផ្ទាល់ខ្លួនរបស់អ្នកទេ។
Source: https://coingape.com/markets/bitcoin-price-prediction-technical-indicator-hints-strength-in-btc-price/