Bitcoin News

Bitcoin Price Prediction: Technical Indicators Flash Warning of Imminent Downturn

[ad_1]

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin (BTC) price remains on course with the recovery rally despite facing a rejection from the $27,728 resistance level. This barricade has kept BTC stunted, suppressed under the confines of a descending trendline.

Nevertheless, from a big-picture standpoint, it is clear that volatility remains low, indicated by the tight range within which the Bitcoin price action continues to consolidate.

Potential Catalysts To Drive Bitcoin Price

Bitcoin volatility actually remains at multi-year lows, as the market waits for a catalyst to inspire some price impulse. Looking around, the theme that may boost Bitcoin’s price is the Bitcoin Spot Exchange-Traded Fund (ETF) narrative. An approval from the US Securities and Exchange Commission (SEC) would provide the driving force for BTC to indicate a more assertive upward bias.

Besides ETFs, another probable catalyst is the Bitcoin halving, expected around April 2024. With the market having to wait at least seven months, this event tends to mark the end of one bear market and the beginning of a bull run. If history is enough to go by, and the ETF narrative fails to do it for BTC, then the Bitcoin halving event is the next possible cause for impulse in the crypto market.

Bitcoin Price Forecast Amid Dwindling Volatility

Bitcoin price is $26,581 at the time of writing, confronting resistance presented by the downtrend line at $26,952. However, technical indicators suggest BTC could fall soon, with momentum steadily dropping as indicated by the falling Relative Strength Index (RSI). Similarly, the Awesome Oscillators (AO) remain negative, suggesting bears are having their say in the market.

Given that, Bitcoin price is coiling up for a slump, likely going into the demand zone for revitalized buyer power. Notably, the demand zone (DZ) is an order block populated by buyers, meaning a lot of aggressive buying is expected within the zone.

Nevertheless, the demand zone could fail to hold as a support level, confirmed by Bitcoin price breaking past the midline of the DZ at around $25,590. The midline of an order block is called a mean threshold. As such, the $25,590 mean threshold is the level where longs should place their stop losses, exit points to prevent further losses. Once BTC crosses below the mean threshold, a continuation ensues.

A break and close below the $25,590 level would clear the clog, sending Bitcoin price through the base of the DZ at $25,229 for a liquidity grab. Ultimately, BTC could move lower, going as far as the $24,000 psychological level. Such a move would constitute a 10% drop below current levels.

Bitcoin price
TradingView: BTC/USDT 10-day chart

Converse case

On the other hand, increased buying pressure above current levels could see Bitcoin price shatter the roadblock presented by the downtrend line. A break and close above the $27,728 level would inspire promise. However, confirmation for an uptrend would only happen once BTC breaches the midline of the supply zone (SZ) at around the $29,280 level. Such a move could clear the path for the flagship crypto to foray above the $30,000 psychological level.

In a highly bullish case, the gains could extend, with Bitcoin price collecting liquidity resisting above. The uptrend could see BTC overcome its range highs at around the $31,804 highs are record a new local top at the $34,000 psychological level. This area was last tested around May 2022, during the Terra LUNA crash.

It is very interesting to watch Bitcoin prices forge its way from the pits of a longstanding bear market. However, there is something more intriguing happening.  WSM, a force in the meme coin arena, is set to close its presale window in 24 hours. Will you miss out on the early entry perks?

BTC Alternative

WSM is the native asset of the Wall Street Memes project, an exciting ecosystem, and the physical manifestation of the internet’s triumph over rampant capitalism.

It is an initiative that represents the tokenization of the retail movement against Wall Street’s orchestrated monopoly of financial markets.

Wall Street Memes has an expansive community of more than one million holders, which you should be among, by the way. This community support has translated into over 40 million daily impressions, with technology innovator and renowned billionaire Elon Musk.

Once the presale window closes the WSM token will be listed on several tier-one exchanges. This is expected to cause a value surge, giving early entrants a lot of profit. Be one of them, buy WSM using this guide.

The countdown is closing in fast, which means now is the time to act if you want to enjoy the 20X growth potential that analysts anticipate in 2023. This is your last chance before the Initial Exchange Offering (IEO).

WSM holders can also stake their Wall Street Memes tokens for high Annual percentage Yields (APY). Did you know that this project is among the top three on APY metrics in the meme coin ecosystem? Currently, the APY is 52% with almost 385 million WSM tokens staked so far.

Visit Wall Street Memes here, be part of the revolution.

Also Read:

Ends Soon – Wall Street Memes

Wall Street Memes

Early Access Presale Live Now
Established Community of Stocks & Crypto Traders
Featured on Cointelegraph, CoinMarketCap, Yahoo Finance
Rated Best Crypto to Buy Now In Meme Coin Sector
Team Behind OpenSea NFT Collection – Wall St Bulls
Tier One Exchange Listings September 27
Tweets Replied to by Elon Musk

Wall Street Memes

Join Our Telegram channel to stay up to date on breaking news coverage



[ad_2]
Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Translate »