BITCOIN FORECAST: BTC/USD PRICE UNDER PRESSURE, TESTING SUPPORT AMID US DOLLAR STRENGTH Bitcoin has been stumbling decrease since
BITCOIN FORECAST: BTC/USD PRICE UNDER PRESSURE, TESTING SUPPORT AMID US DOLLAR STRENGTH
Bitcoin has been stumbling decrease since BTC/USD notched a contemporary document excessive above the $60,000-price stage earlier this month. The favored cryptocurrency stretched one other -2% decrease at present even despite Elon Musk tweeting now you can purchase a Tesla with Bitcoin. It seems that BTC/USD worth motion has been beneath stress largely in response to broad-based US Greenback energy. Bitcoin promoting stress over latest periods has steered BTC/USD decrease to check important pattern assist. This trendline is prolonged by means of the key year-to-date swing lows notched on 27 January and 28 February.
BTC/USD PRICE CHART: DAILY TIME FRAME (19 DEC 2020 TO 24 MAR 2021)
Chart by @RichDvorakFX created utilizing TradingView
A break of this ascending trendline might see one other push by Bitcoin bears towards the psychologically-significant $50,000-price stage. The positively-sloped 50-day easy shifting common, in addition to the decrease Bollinger Band, reinforce this potential zone of technical assist. Catching a bid off this technical assist stage might deliver all-time highs again into focus. A softer US Greenback, coupled with stimulus checks trickling their means into the monetary system, may assist this bullish situation materialize.
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Adverse divergence on the relative energy index is notable, nevertheless. So too is the short-term bearish pattern underpinned by its 8-day easy shifting common and up to date string of decrease highs. Failure to reclaim this nearside technical impediment might coincide with extra weak spot for BTC/USD worth motion. To that finish, invalidating the assist stage close to $50,000 may see BTC/USD worth motion slide towards its 100-day easy shifting common earlier than bulls take a stand.
— Written by Wealthy Dvorak, Analyst for DailyFX.com
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