BTC is in a downtrend 🥀
The timeframe is from February 9, 2024, 00:00 UTC to February 14, 2024, 04:00 UTC.
Overall, the chart suggests that BTC is in a downtrend. The price has been falling since February 10, 2024, and has made several lower lows during that time.
Support levels:
$48,800: This is the price at which the downtrend began on February 10, 2024. It has been tested and broken twice since then, but it could still act as support in the future.$48,400: This is a horizontal support level that has been in place since January 20, 2024. It has been tested and broken once, but it could still act as support in the future.$47,500: This is a major support level that has been in place since December 21, 2023. It is likely to provide strong support if the price falls further.
Resistance levels:
$49,500: This is the high from February 12, 2024. It is a minor resistance level, but it could still prevent the price from rising in the short term.$50,000: This is a round number that often acts as psychological resistance. It is also a horizontal resistance level that has been in place since January 29, 2024.$51,000: This is a major resistance level that has been in place since January 25, 2024. It is likely to prevent the price from rising significantly in the near future.
Key resistance level:
$51,000: This is the most important resistance level on the chart. If BTC can break above this level, it could signal a change in trend. However, if it is rejected at this level, it is likely to fall further in the near term.
Other:
The volume is decreasing as the price is falling. This is a bearish sign, as it suggests that there is less interest in buying BTC at lower prices.The Relative Strength Index (RSI) is below 30. This indicates that BTC is oversold, but it does not necessarily mean that the price will rebound soon.
In conclusion, the technical outlook for BTC is bearish in the short term. The price is likely to fall further unless it can break above the resistance level at $51,000. #BTCBefore2025 #BTC #Write2Earn
