If bitcoin price fails to clear the $28,500 resistance, it could start a downside correction. An immediate support on the downside is near the $27,700 zone and the trend line.
The next major support is near the trend line and $27,200 and the 100 hourly simple moving average. Any more losses might send the price towards the 50% Fib retracement level of the upward wave from the $23,912 swing low to $28,590 high at $26,250. The next major support is near the $25,700 level.
Technical indicators:
Hourly MACD โ The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) โ The RSI for BTC/USD is now near the 50 level.
Major Support Levels โ $27,700, followed by $27,200.
Major Resistance Levels โ $28,200, $28,500 and $30,000.
Simply means thatโs sellers and buyers are transacting across different offers.
For examples sellers have to generate an offer for buyers to bid on it, if the buyers donโt like the offer and decline the offer, sellers have to drop the price and bid again, this time if buyers still decline, same scenario again, until the buyers accept the offer ( not different buyers with different bids, the bid has to match the price or even higher for market to take a turn).
Market is split into two category ๐นBalance & ๐นImbalance
In a balance market both the buyers and sellers are happy to transact and reverse is the case for imbalance market.
When buyers and sellers agree at a certain price it is FAIR VALUE. This gives equal control as they continue accumulating their orders up until when the price becomes unfair, either supply increases or reduces / demand is lowered or increased.
Imbalance market, buyers and sellers are not agreeing on the value. The buyers are in search of fair value same for the sellers.
So after the clueless Nigerian Government arrested some Binance officials and slammed a N10b fine on Binance just recently, the naira they claimed they were "trying to save" has currently crashed furthermore from N1400 to N1550.The current Government just wants to impoverish the youths of this country by clamping own on Binance.Remember when "he" said..."We will reduce the purchasing power of the people"...he really meant it. As a Nigerian, you should know who the "he" is.If cluelessness were persons...the Nigerian Government are representatives.
Bitcoin price is moving lower from the $30,350 level. BTC is showing bearish signs and might decline further toward the $29,650 and $29,500 support levels.
Bitcoin is moving lower below the $30,000 pivot level.
The price is trading below $30,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline below the $29,500 support zone.
Though the name might sound fancy, arbitrage in its basic form is the strategy of profiting from price differences. Due to market inefficiencies, assets won't be priced identically on all markets, creating an opportunity to buy and sell for the difference