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BTC/USD Probes Critical Trend Support

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BITCOIN FORECAST: BTC/USD PRICE UNDER PRESSURE, TESTING SUPPORT AMID US DOLLAR STRENGTH

Bitcoin has been stumbling decrease since BTC/USD notched a recent report excessive above the $60,000-price degree earlier this month. The favored cryptocurrency stretched one other -2% decrease right now even regardless of Elon Musk tweeting now you can purchase a Tesla with Bitcoin. It seems that BTC/USD value motion has been underneath strain largely in response to broad-based US Greenback energy. Bitcoin promoting strain over current classes has steered BTC/USD decrease to check vital development help. This trendline is prolonged by means of the key year-to-date swing lows notched on 27 January and 28 February.

BTC/USD PRICE CHART: DAILY TIME FRAME (19 DEC 2020 TO 24 MAR 2021)

Chart by @RichDvorakFX created utilizing TradingView

A break of this ascending trendline may see one other push by Bitcoin bears towards the psychologically-significant $50,000-price degree. The positively-sloped 50-day easy shifting common, in addition to the decrease Bollinger Band, reinforce this potential zone of technical help. Catching a bid off this technical help degree may carry all-time highs again into focus. A softer US Greenback, coupled with stimulus checks trickling their manner into the monetary system, would possibly assist this bullish situation materialize.

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Destructive divergence on the relative energy index is notable, nevertheless. So too is the short-term bearish development underpinned by its 8-day easy shifting common and up to date string of decrease highs. Failure to reclaim this nearside technical impediment may coincide with extra weak point for BTC/USD value motion. To that finish, invalidating the help degree close to $50,000 would possibly see BTC/USD value motion slide towards its 100-day easy shifting common earlier than bulls take a stand.

— Written by Rich Dvorak, Analyst for DailyFX.com

Join with @RichDvorakFX on Twitter for real-time market perception





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