Bitcoin Price Analysis: No bullish signs for BTC as market remains bloody on Monday https://ift.tt/3e9nM9f

TL;DR Breakdown

• Bitcoin’s growth remains stunted for the time being
• The nearest support holds for now at $46.5K as volumes decrease
• Price resistance present at $48.5K and another at $53K

Bitcoin price analysis remains bearish for the time being, and it seems that the world’s biggest cryptocurrency doesn’t want to continue with its bullish trajectory anymore. The volumes are low, and the market seems out of life after a month ago sell-off.

Since the sell-off, the Bitcoin price analysis has continued to remain bearish. The daily candle for the day opened at $46,681, making a daily high at $47,200 after which, the bears once again pounced, and prices fell to a daily low of $45,840.

There is substantial evidence of a bearish trajectory being followed by BTC with a 2.44% drop in the last 24-hours. The data from CoinMarketCap shows that the world’s biggest cryptocurrency has witnessed a massive drop in market cap, from above $1 trillion to below 900 billion USD.

The current price of the token rests at $45.9K with nearest major support at $44,000, which, when fails, will crash BTC below $40,000 as noted by the founder and CEO of Fairlead Strategies, Katie Stockton.

Bitcoin price analysis via patterns

The pattern below shows that BTC fell below the important support trend line in November, and afterward, the arrow is acting as an important zone of resistance for BTC. BTC needs to reclaim the 53,000 USD price level for any bullish potential and break this resistance arrow.

Moreover, as per our Bitcoin price analysis, the 50-day and 100-day Moving Averages remain above the price action, and it is important for BTC to conquer these levels.

Bitcoin price analysis via indicators

The BTC price analysis on the chart below shows that it is not completely impossible to turn bullish. The required condition is that in the daily MACD, the blue line needs to break above the orange line, which hasn’t happened clearly.

The price action is still the situation in the lower zone of the Bollinger Bands while the RSI levels remain in the bearish zones. These indicators clearly show that BTC bulls are not strong enough to recover from last month’s sell-off.

Conclusion

Bitcoin will remain bearish if the prices don’t break the important resistance trend line as volumes are decreasing. However, you can have long-term exposure to many cryptocurrencies as well via Cryptopolitan.