- Bitcoin freefalls from the new 2019 highs as the cryptocurrency market is painted red.
- BTC/USD dropped like a free weight in the air unbothered by Andrews Pitchfork middle channel support.
- The price stays above the 200 EMA 1-hour; keeping potential for growth intact in the short-term.
Bitcoin ascended to new 2019 highs yesterday approximately at $5,622.69 (on Coinbase). The brief surge sparked gains across the market as other assets posted considerable gains as well. Unfortunately, Bitcoin did not sustain growth to the target $6,000 but began slashing huge chunks of profits.
Initially, BTC/USD was supported at the middle column of Andrews Pitchfork. In fact, a correction occurred stepping above $5,600. However, on forming a high at $5,622.69 Bitcoin bears found an entry and battled for revenge following a few weeks of steady gains. BTC/USD dropped like a free weight in the air unbothered by Andrews Pitchfork middle channel support. The declines continued below $5,500 but the bulls managed to stand their ground at $5,450 (Andrews Pitchfork lower channel support).
BTC/USD 1-hour chart
There is a bullish momentum building from the support towards $5,500 resistance. Moreover, as long as the price remains above the 200 moving average exponentials (EMA), Bitcoin has the potential for growth in the near-term.
In addition to that, technical analysis using indicators like the RSI and MACD shows that the bearish momentum is has come to halt. The RSI 1-hour is currently ranging at 40 after recovering from 33.61. The MACD, on the other hand, is steadily changing the slope to the upside, although it is still in the negative territory.
Bitcoin is still supported by increasing trading volume which shows that there is still an appetite for the coin among investors in spite of the correction. BTC 24-hour volume stands at $16 billion while it’s market cap has declined by $2 billion to $98 billion.
Bitcoin Key Technical Levels:
200 EMA 1-hour: Sits below the current BTC value; shows potential growth in the near-term.
RSI 1-hour: 40.00
MACD 1-hour: -13.46 (decreasing bearish divergence).
Support 1: Lowest Channel of Andrews Pitchfork
Support 2: 200 EMA
Support 3: $5,200
Resistance 1: $5,482.54
Resistance 2: $5,536.02
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