This is a daily technical analysis of the Coindesk analyst and rented market technician Omkar Godbole.
Bitcoin’s recovery rally (BTC) has stagnated since Sunday, increasing the risk of a bearish change in key indicators.
Since Sunday, the $ 86,000 brand has emerged as a resistance and supply zone, and bulls fail to maintain profits above that level. The evasive rupture has increased the risk of a bearish realignment in the key impulse indicators: Simple mobile averages (SMA) of 50, 100 and 200 hours. The three averages stacked under the other and tendencies of the South represent the bassist alignment.
The 50 and 100 hours SMA have reached their maximum point and appear on the way to produce a bearish crossover that will see the first movement under the second. Although the price of the cryptocurrency remains above the 200 -hour SMA, the impending bear crossing of the other two SMA indicates that the vendors seek to reaffirm themselves.
In addition, the MACD histogram of the daily chart has stopped printing successively high bars above the zero line, reflecting an ascending impulse loss to support the notion of potential bearish developments in the market.
All this, when seen in the context of the descending trend of SMA of 50 and 100 days, requires caution by the bulls. A movement below $ 83K, the support of the table per hour, would validate the bass developments, potentially producing a sale of sales to the recent minimums close to $ 75K.
Meanwhile, a UTC closure is needed above $ 86K to indicate a continuation of the recovery rally.
