Bitcoin (BTC) – Still vulnerable to resuming the slidePosted on Sunday, November 13 2022 at 9:08 pm GMT+0000
Bitcoin (BTC) price shows a clear lack of buying pressure, as the end of week quick recovery faltered inside the 17,600 – 18,100 tough resistance band. The crypto-king remains vulnerable to resuming the slide as reflected in the dictating 50- and 100-day simple moving averages, which are defending the medium-term negative structure.
In other trend indicators, the ADX is surging beyond 25 hinting at a strong downtrend, also the -DI and +DI lines are negatively aligned, signaling that the sell-off is not over yet despite Friday’s 14% relief rally. Additionally, the Awesome Oscillator is gaining extra negative impetus within the bearish area, while the stochastics stabilized around 20.
Hence, the sellers are expected to retest the last week low at around 15,600 in the forthcoming sessions. Following a decisive close lower, the next stop could be near the 14,000 zone, while lower the attention will turn towards the 12,500 taken from the late November 2020 low.
Otherwise, if buyers re-emerge, they could once again get congested inside the key 17,600 – 18,100 zone linking the June and September lows. By clearing that zone, they will likely jump towards the 50-day simple moving average seen around 19,500. Next, a stronger battle could take place near the 20,500 zone, where the 100-day simple moving average is currently residing.
In summary, Bitcoin is still surrounded by negative vibes following last week’s sharp downfall. Sellers will next look for a close below the 15,600 barrier before they raise bearish exposure in the market.