Bitcoin price is still on the drop. We see that we made a few climbs last week and now we are continuing in the downtrend. Most social crypto traders said bitcoin may be on it’s way up, but let’s look take a few analysis. First, bitcoin price still trends below 200 EMA which is our main sign of the present trend. The 200 moving average helps to take off the stress of knowing the market trend. Secondly, the MACD cross is downwards and has moved below the zero mark. Presently, the market is between $5,583 and $6,342. We expect a few sideways movements before the continuation downwards.
Looking at the technical indicators:
Major Support Level – $6,342
Major Resistance Level – $5,583
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