Technical Analysis - Indicators signals that BTC Price will continue the downtrend

Based on data compiled by CoinDesk, Bitcoin's spot trading volume across major centralized exchanges remained low on Monday, nowhere near its pre-holiday level. An "absence of trading activity" is likely to be one of the reasons for the overall crypto market's "bearish pullback" over the past week. And since FED in the U.S. in December signaled three interest rate hikes in 2022, and would move faster to wind down its bond purchases in response to elevated inflation pressures, "macro uncertainty" remains the main factor of bitcoin's choppy move.

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Technical Analysis

As for the forecast for the BTC/USDT for the coming week, it seems that the correction in the BTC/USDT pair will continue. Since the price movement in the last month is in a sideways range, there have been no special changes on the weekly chart over the past few weeks, the price within the correction reached the vertical support line and froze in indecision.

 

On the 4-hour price chart, since here the boundaries of the formed sideways movement over the last month are most clearly visible. We see the emerging support line around $46,000 and the upper border of the channel around $ 52,000. Thus, the price fluctuation range was $ 6,000. A few days ago, the price once again reached the lower boundary of the channel and bounced off it again began to move in a northern direction. At the same time, the RSI indicator left the oversold zone, and a little later the MACD indicator lines crossed, indicating a possible rise in the BTC/USDT.

 

Further, another confirmation that the price may continue to move towards the upper border of the channel is the formed Bullish divergence between the price chart and the RSI and MACD indicators.

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Look at the daily price chart, we also see that after the next downward jump, the price moves sideways for a rather long time. However, the main trend is still downtrend and there are prerequisites that in the near future the trend continuation is more likely than a reversal.

 

A hidden bearish divergence has formed between the price chart and the RSI and MACD indicators. Such a hidden divergence can be a harbinger of a continuation of the trend, in this case a downtrend.

 

Thus, despite the fact that on the next day or two the price may continue to move upward, it is not a fact that this time it will manage to reach the upper border of the channel. For those who were waiting for the continuation of the downtrend can take advantage of the opportunity to open a short position if the price still starts to decline.

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