The bearish sentiment has again caught up with the overall market conditions from the past week. On the weekly basis, the price level has fallen by -1.27% while the monthly loss has amounted to -7.57% at the time of recording.
On the Fibonacci retracement table, BTC faced formidable resistance at the 0.382FIB level which is placed at $47413.42, and faced a significant downfall thereafter. The price level did make an attempt to achieve sustainability above the 0.236FIB level ($42580.58) but the selling pressure enforced further downfall.
On the moving averages, EMA-20 (41721.80) had faced a negative crossover against EMA-50 (42152.42) which is a bearish signal. The price level is also trading below all the significant EMAs reflecting the existing selling sentiment among investors.
Currently, the price level is falling towards the critical support level of $37K wherein we could expect consolidation for halting the bears’ wrath. Further downfall below the mentioned level could bring another crucial support of $34K into the play.
On the Fibonacci retracement table, BTC faced formidable resistance at the 0.382FIB level which is placed at $47413.42, and faced a significant downfall thereafter. The price level did make an attempt to achieve sustainability above the 0.236FIB level ($42580.58) but the selling pressure enforced further downfall.
On the moving averages, EMA-20 (41721.80) had faced a negative crossover against EMA-50 (42152.42) which is a bearish signal. The price level is also trading below all the significant EMAs reflecting the existing selling sentiment among investors.
Currently, the price level is falling towards the critical support level of $37K wherein we could expect consolidation for halting the bears’ wrath. Further downfall below the mentioned level could bring another crucial support of $34K into the play.