BTC/USD simply looks terrible on the charts, breaking beneath the uptrend it had been trading since late March in May after several failures to clear the 200-day moving average. That eventually saw the price slice through the 50 and 100-day equivalents along with an important support zone between $73,500 and $74,500.
Since the latter gave way, the price has mirrored a waterfall on the daily, with minor supports at $70,600 and $67,500 broken with ease, typical of when you've seen forced liquidations take place. $65,000 is the next downside level of note, coinciding with the swing low set in March. Beyond that, there's little to speak of until the multi-year low near $60,000 set in early February, with $62,600 the only level of note in between.
The message from RSI (14) and MACD shows the bears are in control with downside pressure continuing to strengthen. So fast has the move occurred, both indicators are now encroaching on what are fairly extreme levels even for crypto winters.
While not yet at the levels seen earlier this year, and certainly no guarantee that further weakness won't arrive near-term, it warns that squeeze risk is building given how stretched the move has become, a point reinforced by the price currently trading beneath the lower Bollinger Band.
If you're getting short around these levels, risk management must rank highly when considering the appropriate reward for doing so. Price action around $65,000 or $67,500, whichever is tested first, may prove instructive on how to proceed, allowing both levels to be incorporated into trade construction.
Since the latter gave way, the price has mirrored a waterfall on the daily, with minor supports at $70,600 and $67,500 broken with ease, typical of when you've seen forced liquidations take place. $65,000 is the next downside level of note, coinciding with the swing low set in March. Beyond that, there's little to speak of until the multi-year low near $60,000 set in early February, with $62,600 the only level of note in between.
The message from RSI (14) and MACD shows the bears are in control with downside pressure continuing to strengthen. So fast has the move occurred, both indicators are now encroaching on what are fairly extreme levels even for crypto winters.
While not yet at the levels seen earlier this year, and certainly no guarantee that further weakness won't arrive near-term, it warns that squeeze risk is building given how stretched the move has become, a point reinforced by the price currently trading beneath the lower Bollinger Band.
If you're getting short around these levels, risk management must rank highly when considering the appropriate reward for doing so. Price action around $65,000 or $67,500, whichever is tested first, may prove instructive on how to proceed, allowing both levels to be incorporated into trade construction.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.