September 30, 2022

Bitcoin Price Analysis: BTC Breaks Long Term Trend As Tesla Ditches It

2 min read

Bitcoin has broken out of a long 3 month variety of$10,000. After Elon Musk announced Tesla will no longer be accepting BTC due to ecological reasons, BTC broke its significant assistance of $55,000 and quickly tipped over 15%. BTC is now is now in scary waters.While looking at

the chart, BTC has broken a long term trend that has actually been held for almost 6 months. This is not an excellent sign as there is much FUD spreading about Bitcoins environmental impact. BTC needs to hold significant support series of$46,500-$ 48,000 or we can experience a big fall to$40,000. As of now, the 150MA has actually held the price of BTC as it touched this moving average for the first time in 6 months. Bitcoin Price Analysis: BTC/USDT 1 Day Chart If BTC can break above$48,000

and hold, there will be a decent revival to$ 51,400. In the

case that BTC holds this resistance, next up is$54,400. BTC has grown over 1000%in a year. With this being said, there is a great chance more drawback may happen prior to BTC resumes a bullish uptrend. While taking a look at the Stochastic RSI, we can see that strength has reset

to oversold levels. If the strength can bound above 30, anticipate a revival to minimum$ 51,400. The regular RSI likewise validates a small bullish growth as it has actually printed a bullish divergence. This happens when price makes a Lowe low but RSI makes a higher low. BTC intraday levels Area rate:$48,100 Pattern: Bearish Volatility: High Support:$46,400 Resistance:$48,000 The post Bitcoin Price Analysis: BTC Breaks Long

Term Trend As Tesla Ditches It appeared first on Coingape.