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Cryptoknowmics 2022-02-18 11:30:48

BTC Technical Analysis: Below $41K, Will Bitcoin Bears Tests $35K Mark?

The fallout of $41K shows the bulls struggling to control the bearish impulse wave that attempts to push the BTC prices below the $40K mark. The BTC price action forms a double top pattern with the recent bullish failure to overcome the sellers at $45K, resulting in a freefall below $41K. Will the bears break below the upcoming support trendline to test the $35K mark? Key technical points: Bitcoin creates a new 7-Day low of $40,088. The MACD indicator gives a bearish crossover. The 24-hour trading volume in the Bitcoin token is $27.05 Billion, indicating a 35% rise. Past Performance of BTC With the failure to surpass the $45K mark, the Bitcoin prices fall below the crucial support levels to reach the $40K. The price action showcases an evening star pattern resulting in the fallout of the double bottom pattern in the BTC/USD chart. Currently, the market price of Bitcoin is $40,734 as the bulls try to control the falling prices and halts near the support trendline. Source-Tradingview BTC Technical Analysis Despite the drastic fall in the BTC prices, the number of active users is higher than the previous bear cycles, as per the onchain analysis by Glassnode. The crucial 50,100, and 200-day EMAs maintain a bearish alignment as the prices fail to sustain above the 50-day EMA. Hence, the price is below all the crucial EMAs represents a bear cycle in action. The RSI Indicator slope shows a sharp fall below the 14-day average and the ...