Bitcoin Price can not Break up 100-Day Moving Average Again
Bitcoin price is under 100-day moving average. It has broken down this moving average a few weeks ago and I could break up it again. Even it could break up it again, Bitcoin price broke down 100-day moving average again. Yesterday Bitcoin tried to go above 100-day moving average but it can not.
Here you can see daily chart of Bitcoin price. I circled the similarity between past and now. You can see what happened under 100-day moving average. Bitcoin price is under pressure of being under 100-day moving average. 200-day moving average is following Bitcoin price and It is the first great support for Bitcoin price.
Here you can see the indicators on daily chart of Bitcoin price. There is great bowl pattern on RSI Indicator. MACD Indicator reversed down and It needs time to complete correction.
Fisher Indicator is going down and it should reverse up from the botto. It needs a few days to reverse up.
It may not be a short time price correction. So, we may not see reverse up when the indicators touch the bottom. We may see another wave of price correction.
As I said, 200-day moving average is the first great support of Bitcoin price.
We should be careful for possible market drop. Lots of altcoins are close to the bottom. If we see price correction on Bitcoin price chart again, I can not the imagine the level of altcoins.
We will see..
@chorock, thanks for the insightful Bitcoin analysis! I appreciate how you've clearly illustrated the current price action relative to the 100 and 200-day moving averages, pointing out the potential pressure and key support levels. The comparison to past patterns and your breakdown of the RSI, MACD, and Fisher indicators provides a well-rounded perspective.
Your caution about a potential market drop and its impact on altcoins is particularly relevant. This is definitely a time for careful observation. What are your thoughts on how external factors, like macroeconomic news, might influence Bitcoin's trajectory in the coming weeks? Eager to hear what others think about your analysis too!
Your analysis highlights key technical concerns: Bitcoin’s struggle below the 100-day MA, bearish MACD, and declining Fisher Indicator suggest further correction may be likely. The 200-day MA remains critical support. With altcoins near lows, another Bitcoin drop could trigger severe altcoin weakness. Caution is wise—patience and close monitoring of indicators are essential before expecting a reversal.