BTCUSD Technical Analysis | Forexlive
On the daily chart below, we can
see that the spike above the key resistance at 28911 was faded soon after as
the price fell back below the level. The moving
averages have crossed to the downside in a possible early signal that the move
above the resistance may have been a fakeout and the trend is changing.
The last couple of days though
the price spiked again above the resistance in a move that is reminiscent of
what happened after the Silicon Valley Bank collapse. In fact, the spikes
started after the First Republic Bank reported a 40% fall in deposits and
reignited fears of another banking crisis.
On the 4 hour chart below, we can
see that the spikes above the resistance level are finding strong sellers that
keep pushing the price below the level. The 61.8% Fibonacci
retracement level seems to be the barrier, so we can expect
that if the buyers manage to break through it again, Bitcoin may start another
rally. The sellers keep leaning on this resistance area to target another
selloff towards the next support at 25231.
On the 1 hour chart below, we
have two important levels that will likely decide the next big move. For the
buyers a break above the 61.8% Fibonacci retracement level would open the door
for a rally towards the high at 31044 and beyond. For the sellers a break below
the black support at 28000 may be followed by a selloff to 25231 level.