Bears continue to dominate the crypto markets as well as the traditional equity markets due to the news flowing in about the Omnicon Virus outbreak in many parts of the world. The combined Crypto M.cap declined by more than 4% last week whereas BTC prices took a dip of 6.79% in the same period. At the time of writing, BTC is slightly trading below the level of $46,000.
On the weekly TF, BTC formed a solid bearish candlestick which depicts negative sentiments in the market. The nearest support is presented by its 50-WEMA, placed at $44,800 as a strong recovery was witnessed from these levels. On the Daily TF, BTC is forming a descending channel kind of formation, depicting that market trend to be sideways to bearish.
On the higher side, the immediate hurdle is present at $48,000 followed by $50,000 as its 200-DEMA is also present at this level, decisive closing above the $50K would be the first signal for the trend reversal. On the lower side, the support is present at $45,400 followed by $44,000.
Momentum indicators like RSI are depicting flat sentiments as it is trading in a range from the last 3-4 days. BTC is most likely to trade in the range of $48,500 to $44,000 for the coming days, so we advise traders to wait for the market to break any major level before taking any new positions.
On the weekly TF, BTC formed a solid bearish candlestick which depicts negative sentiments in the market. The nearest support is presented by its 50-WEMA, placed at $44,800 as a strong recovery was witnessed from these levels. On the Daily TF, BTC is forming a descending channel kind of formation, depicting that market trend to be sideways to bearish.
On the higher side, the immediate hurdle is present at $48,000 followed by $50,000 as its 200-DEMA is also present at this level, decisive closing above the $50K would be the first signal for the trend reversal. On the lower side, the support is present at $45,400 followed by $44,000.
Momentum indicators like RSI are depicting flat sentiments as it is trading in a range from the last 3-4 days. BTC is most likely to trade in the range of $48,500 to $44,000 for the coming days, so we advise traders to wait for the market to break any major level before taking any new positions.