Little-Known Resistance May Be Blocking Bitcoin Price Bounce
Here’s the best summary we could make of the latest bitcoin price analysis from coindesk.com:
Bitcoin continues to chart bearish lower highs along the 50-candle moving average on the 6-hour chart.
A convincing 6-hour close above the moving average resistance will likely weaken bearish pressures and allow a corrective rally toward $4,000.
Bitcoin price gains may be capped by a key moving average that has been acting as stiff resistance since mid-January.
The breakout failed and BTC ended up charting a bearish lower high near the 50-candle moving average on the 6-hour chart.
As seen above, the Bitcoin price has charted bearish lower highs along the downward sloping 50-candle MA over the last three weeks.
What makes it a strong short-term resistance is that after every rejection the price has hit a bearish lower low.
The probability of BTC printing fresh multi-week lows below the Jan. 29 low of $3,322 in the next day or two is high.
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