technical indicators have displayedBTC Price Forms Bearish Candles; Sellers Target $50K Level
Bitcoin's price has been in a strong bearish trend, as it slipped below the 200-day EMA, and has lost around 13.80% for the past three days. Thus, indicating weakness in the BTC.
On the daily time frame, the BTC price has formed a three-candlestick bearish pattern that goes by 'three black crows,' which suggests a bearish outlook. Therefore, if the price remains below the longer key moving averages, sellers may continue to dominate.
On the contrary, the last hope for buyers could be at the $50,000 price level, where the price might stabilize. If a bullish candlestick develops followed by good volume around $50K, buyers may display regained interest. Likewise, if the price surpasses the 200-day EMA with increased volume, it could signal a positive trend reversal, as well.
Furthermore, the technical indicators have displayed that the RSI at 24, in an extremely oversold region, has generated a death crossover with the 14-SMA line. Meanwhile, the price has already fallen below key moving averages, which reinforces the bearish outlook.
In case of resurgence, the Potential resistance levels for a bullish interruption could be present at$60.50K and $70K. However, looking at the bearishness, Bitcoin is expected to find support around $51.50K and $44.40K.
