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Bitcoin Still Bearish, But Bears Still Not Showing Much Strength

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Bears continue to command the crypto market in the short term, a product of the recent bearish transition in the price of Bitcoin. At the time of this writing, BTC is trading at $ 10,617, with gains of 2.59% in the last 24 hours.

Despite the negative of the current situation, the downward pressure is still not too great, which generates that with each search for demand zones, buyers enter with an interesting force, as happened yesterday while the zone at $ 10,200 was visited.

Bitcoin’s medium-term trend is not overshadowed by recent bearish intent

From the weekly time frame we observe the moving averages 8 EMA and 18 week SMA crossed to the upside, following the succession of increasingly higher lows and highs that form the medium-term trend.

This direction is being put to the test, but so far we have not seen a movement that manages to break it. As long as the price continues above $ 9,850 there is not much to worry about.

While the bears drag the price of Bitcoin down in the short term, even in the medium and long term the trend is only upward, putting pressure on smaller negative attempts like the ones we have been seeing in recent days.

Still the fall that we are witnessing seems to be a corrective process before continuing to rise, it remains to keep monitoring the price action.

, Bitcoin Still Bearish, But Bears Still Not Showing Much Strength, Forex-News, Forex-News
Weekly chart of the price of BTC vs USDT. Source: TradingView.

Short term trend

This is the trend of Bitcoin that recently turned bearish, product of continuous breaks supports

The fast moving averages have been following this behavior, and although they tried to function as resistance yesterday, the daily candle managed to close by breaking them, showing that even the bears are not too strong.

The recovery of BTC yesterday occurred after the price visited a neighboring demand zone at $ 10,200. This behavior could be initiating an upward transition.

At the moment there are not many positive signs. A good part of the ecosystem thinks that we are going through the development of a cumulative cycle, which constitutes the rest of the medium-term trend and then seeks to start a new momentum.

, Bitcoin Still Bearish, But Bears Still Not Showing Much Strength, Forex-News, Forex-News
Short-term trend of Bitcoin, currently bearish. Source: TradingView.

The longer BTC stays above $ 10,000 the more bullish it will be

These are the words of technical analyst Tone Vays, and this thought is quite right. Generally when trends are consistent with holding gains, chances are you are just resting before continuing on your previous course.

Vays indicates that in case the price falls towards $ 9,000, that moment will be a very good opportunity to buy. The worst-case scenario you forecast is a drop to $ 7,000; and the best, indicates that after conquering the $ 12,000, the sky will be the limit.

Another cryptocurrency technical analyst, Edward Morra, said that as long as Bitcoin fails to close above $ 11,000, the price will remain bearish.

For his part, Cantering Clark, a derivatives trader, thinks that the range between $ 9,600 and $ 10,000 may be a bearish trap, a product of the gap in the CME that remained in that area and that are generally filled before continuing with the course. previous.

In general, all forecasts point towards an erratic behavior in the short term, but one that is unlikely to significantly affect the major trends.

All our publications are informative in nature, so in no case should they be followed as investment advice.



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