The Bitcoin(BTC) price witnessed high volatility last week, restricting the coin movement between the $48160 and $45000 levels. However, the bear wrestled control from bulls during the consolidation and gave a strong breakdown from the bottom support($45000). Following a retest phase, the BTC price may continue to fall.
Key points:
- The post-retest fall could tumble the BTC price by 9%
- The 50-day EMA acts as a strong support line
- The intraday trading volume in the Bitcoin is $24.2 Billion, indicating a 32.6% lost
Source- Tradingview
Last quarter Bitcoin(BTC) price spent its accumulation phase inside an ascending triangle pattern. The $45000 neckline acted as a crucial resistance that reverted several breakout attempts over the last three months.
However, on March 27th, the coin price gave a decisive breakout from the overhead resistance, suggesting the buyers were ready to rally higher. Furthermore, the BTC price spent more than a week trying to sustain above the $45000 mark, but it couldn’t surpass the $48160 mark.
The sellers took advantage of the market volatility and pulled the coin price below $45000 support on April 6th. Now, the traders can expect a bearish retest for the old $45000 resistance before the altcoin continues to drop lower.
Anyhow, the price pattern’s support trendline remains intact, which could renew the bullish momentum.
- Resistance level- $48150, $5200
- Support level- $36400, $36400
Technical indicator-
Along with $45000 support, the BTC price breached the 20-and-200 EMA. These EMAs lines could assist sellers in restricting the coin price below the breached support.
On March 29th, the RSI slope tagged the overbought neckline at 70%. However, the buyers started to lose momentum right from the consolidation period, and amid the minor correction rally, the indicator dropped below midline(50).
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