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Bitcoin price continues downward trend - back to 43,000 USD?



The Bitcoin price continues its downward movement. Will BTC price move back to support at USD 43,000?


Bitcoin price closes below 200-day EMA resistance

Bitcoin was able to rebound strongly from the Fibonacci support at USD 43,000, which was massively defended by the bulls, but Bitcoin closed yesterday below the 200-day EMA resistance at around USD 50,000. Bitcoin seems to be rejected again today, because even today Bitcoin does not succeed in overcoming this resistance. Although the enormous increase in the bullish trading volume at the important Fib support at around 43,000 USD is basically a very bullish sign, it cannot be ruled out that the Bitcoin price will go there again.The RSI is gradually reaching oversold regions, but the MACD is still bearish. The tendency to return at USD 43,000 is definitely given when looking at the daily chart.


4H chart is rather bullish for the Bitcoin price

In the 4H chart, the BTC price is rather bullish. There the histogram of the MACD develops bullish upwards while the MACD lines are crossed bullishly. Should the Bitcoin price rise, it will find strong resistance at around USD 53,000.


Bitcoin price could also fall for weeks before a trend reversal occurs

Theoretically, the Bitcoin course could bob around for weeks. It is only important that the BTC price stays above the important support at around USD 43,000. This would largely maintain its bullish momentum, which could allow Bitcoin to climb higher again soon. Should a crash nevertheless occur, Bitcoin will find massive support at around USD 30,000 at the latest.


Bitcoin dominance continues at support level

The Bitcoin dominance continues to decline. Bitcoin is currently receiving strong support between 39% and 41%. Otherwise, Bitcoin will hit its all-time low at around 35%, where there is a high probability that Bitcoin's dominance will ricochet off. It shouldn't fall much lower, otherwise Bitcoin could lose its authority. Then the market power of Bitcoin would be in question.

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