Bitcoin (BTC) Struggles to Find Footing After Rejection From $45,000 - BitcoinEthereumNews.com
Bitcoin (BTC) has decreased considerably over the past seven days but has reached a short-term confluence of support levels, which could help to boost the price. Bitcoin has been falling since Feb 15, when it was rejected near the $44,200 resistance area for the second time (red icon). So far, it has reached a low of $36,350 on Feb 22. Measuring from the Nov 10 all-time high price, BTC has decreased by 47%. शॉर्ट-टर्म बीटीसी ब्रेकडाउन The six-hour chart shows that BTC has broken down from an ascending support line. Currently, its trading between the 0.618 and 0.786 Fib retracement support levels at $35,700-$37,700. This area is also a horizontal support level. There are no clear bullish reversal signs beside the oversold RSI. The RSI is a momentum indicator and readings below 30 are considered oversold. The previous time the RSI was this low was on Jan 23 and preceded a significant upward move. The two-hour BTC chart is slightly more bullish and shows a very pronounced bullish divergence in the oversold RSI. If an upward move follows, the closest resistance levels to watch are $39,600 and $40,575. Besides being the 0.382 and 0.5 Fib retracement resistance levels, they correspond with the previous support line and midline of