Overall Bitcoin price action has fallen impulsively after experiencing a significant rejection from the $18,000 long resistance level. A failure of the $15,000 support level could quickly put the bulls in a lot of trouble.
technical analysis
Author: Edris
Daily chart:
Looking at the daily chart, the price is moving in a large descending wedge pattern. This is normally a downtrend reversal pattern, but the price failed to reach a higher boundary as it was rejected from the 50-day moving average line which is in the same price range as the $18,000 resistance level. With no support levels left, a drop down to the $15,000 support area seems possible.
However, the $15,000 area and the lower trendline of the descending wedge are very close, which will likely support the price and push it back to the $18,000 level again. is not necesary to.
4-hour chart:
The 4 timeframe develops a classic bear market structure, similar to the higher timeframes. The price has broken below the minor support level at $16,800 after failing the recently formed bullish trendline. The $16,800 levels and broken trendline are currently seen as resistance, but the former has already pushed prices down.
Additionally, the RSI indicator remains well below the 50 mark while recovering from the oversold condition, indicating strong bearish momentum that could soon push the price down towards the key $15,500 area. increase.
On-chain analysis
Author: Edris
bitcoin exchange whale ratio
The exchange whale ratio metric is typically calculated by dividing the influx of whales into an exchange by the total daily inflow, and thus is used to indicate whale behavior. This indicator rose significantly during the last cycle and first phase of the 2018 bear market, as many whales sold their coins on exchanges to protect their profits and reduce risk. The action led to a terrifying downtrend. However, the metric started a downward trend in the second phase as prices began to recover and a new bull market began.
The same behavior has been witnessed recently as whales deposit less coins on exchanges compared to other market participants, which could indicate that the price bottom may be nearing. there is. However, this could also be a result of FTX’s bankruptcy and eventual bankruptcy, as whales don’t trust exchanges enough to hold onto their coins. supply shock and eventually a price bottom could soon form.
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cryptocurrency chart By TradingView.
