Bitcoin has been extremely impulsive under the bearish pressure after rejecting off $13,000 with certain corrections along the way. The price turned upside down unexpectedly which aroused indecision in the market sentiment.
Recently, incredibly bullish buying pressure pushed Bitcoin up to $13,000. However, the cryptocurrency was unable to maintain the rapid and steady rally and was sent reeling down. Despite bearish forecasts, many analysts believe that the latest drop may actually prove to be positive for many altcoins in the crypto markets as it may mark a pattern of capitulation that sparks a bull run.
During the recent winning streak, most altcoins experienced what can be largely considered lackluster price action as the overall crypto market has been unable to mirror the massive gains of Bitcoin over the past several weeks and months.
The price is currently being held by the dynamic level of Tenkan sen while also having dynamic resistances untouched like 20 EMA and Kijun sen. After the price had broken below the support area of Kumo Cloud, it formed Bullish Continuous Divergence. However, the current bearish pressure is stronger to develop a counter-trend. As the price remains below $12,000 with a daily close, it is expected to move lower towards $10,000-50 again before any bullish intervention occurs along the way.
SUPPORT: 10,000, 10,500, 11,000
RESISTANCE: 11,500, 12,000, 12,500, 13,000
CURRENT BIAS: BEARISH
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.