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Cryptoknowmics 2022-10-07 08:45:37

BTC Technical Analysis: Constant Struggle At Declining Trendline

The BTC Technical Analysis shows a bullish struggle at the resistance trendline and the 50-day EMA. So, can we expect a breakout entry opportunity? The BTC price action shows a bearish reversal from the resistance confluence of the declining trendline and the 50-day EMA. However, the retracement comes as a retest of the broken range we mentioned in our previous article. Should you avoid taking a bearish entry in Bitcoin? Key Points: The Bitcoin price action displays a bear cycle struggling to gain momentum from the resistance trendline. The retracement retests the broken consolidation range and teases a potential bullish reversal. The intraday trading volume in Bitcoin is $29.63 billion. Source – TradingView BTC Technical Analysis The BTC price action struggles to exceed the long coming resistance trendline. Currently, the Bitcoin price action displays a bearish reversal from the 50-day EMA to retest the broken consolidation range. The declining trend in the intraday trading volume during the bearish candles supports the possibility of a bullish reversal which may break above the resistance trendline. Hence, the sideline traders hoping for a bear cycle must wait till the prices drop under the broken resistance level of $19,600. In a bullish scenario, the sideline traders can shortly find a breakout entry opportunity if the prices reverse from the broken resistance level of $19600. Technical Indicators The RSI slope sustains ab...

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