. Institutions Take Bearish Stance On Bitcoin - Capital Street FX

Institutions Take Bearish Stance On Bitcoin – Capital Street FX

Institutions Take Bearish Stance On Bitcoin – Capital Street FX

bitcoin technical analysis

Bitcoin slumped by1.15% to$16,637.6, and Ethereum fell by 7.57% to $1,471.65 on Wednesday.

 Major cryptocurrencies traded down as the global crypto market cap tumbled 2.71 percent to $960.06 billion in the past few days, on the other hand, the market volume jumped 9.49% to 84.26 billion during 24 hours.

According to Robert Kiyosaki, a famous author of the book Rich Dad and poor Dad says that a historic market crash comes to light, Most of the Altcoins are in the red zone, and Bitcoin shows no reversal trend. The market condition can be tracked by several factors such as the federal reserve interest rate hike

The most extreme crypto pessimist says that bitcoin will low as $10,000 in 2022, but a middle ground say the bitcoin will climb to $100,000 as many experts predicted late last year.

The major resistance for bitcoin is $20,000 and it’s stuck below this level and it will go down for some time because it breaks the major support of $19600.

According to Crypto Vinco, bitcoin whales has sent 200k+BTC to exchanges he was 99% sure that the wallet address belongs to Mr. Michael Saylor, he is planning to sell everything and he expects a bloodbath

LONG-TERM TECHNICAL ANALYSIS

This daily chart indicates that bitcoin was trading in a downward channel, currently, it is trading below all SMA. RSI is in the selling zone which indicates bearishness, and MACD is below zero which indicates bearishness. Bitcoin was traded in a down channel before there is an upside breakout.

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