A small pullback: what is the reason for today’s fall of Bitcoin?

Tuesday was not such a good day for the bulls — Bitcoin lost nearly 3.5 percent of the cost for a day after failing to get above the resistance line. At the moment the asset is gradually reduced to the main support.

Key events:

  • on 4-hour chart formed a descending several local maxima;
  • price failed to break resistance and is now being returned to the support;
  • technical indicators show further decline.

The chart analysis of bitcoin has been in the Platform.

Why is not growing Bitcoin

Moving average 100 SMA remains below the 200 SMA, so the downtrend remains in force. Dynamic nearest support level is just 100 SMA. If the line can’t hold the price, the downside target is shifted to 6250 dollars.

Technical indicator Stochastic is down — the situation is still under control of the sellers. RSI also has a lot of space to drop into the oversold zone, so to open long positions while early.

At the moment on 4-hour chart of Bitcoin has formed a triangle, the lower line which runs within the area of 6,250 USD. Now this is the main support if the asset will fall lower, not possible to drop up to $ 4,500. On the other hand, if a cryptocurrency will break the resistance above 6750 dollars, a new uptrend will last up to 8500 dollars.

While Bitcoin is not “finished off” with negative news. Information about prolongation of term of consideration of the ETF to the SEC has had a positive impact on the market. Traders still hope that the financial regulator still approves first exchange cription.

Today’s drop is likely the result of fixing the profit of those who opened a long position on the bottom. It is possible that such successful traders have among our visitors cryptodata.

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