- March 16, 2023
- Category: Market News
Bearish outlook as BTC faces resistance
Bitcoin (BTC) has been on an upward trend in recent weeks, with prices climbing steadily as demand for the cryptocurrency continues to rise. However, the bullish sentiment appears to be losing steam as BTC encounters significant resistance at its current price level.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Bitcoin (BTC) is currently displaying a bearish outlook after reaching a strong resistance zone. The cryptocurrency has encountered significant resistance at its current price level, indicating that further upside potential may be limited. As a result, there is a potential for a trend reversal in the near future, with prices possibly heading lower. This bearish outlook is reinforced by technical indicators that suggest a potential shift in market sentiment, with declining trading volume and decreasing momentum. Traders and investors should exercise caution in their BTC holdings and consider taking profits or implementing hedging strategies to protect against downside risk.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.