The Dwindling Uptrend of Bitcoin

What's in this article

Looks like the Fed Day could not discourage the bearish as the dwindling uptrend of Bitcoin is a major concern now for the bulls.

Bit price today is $0.046399 USD. Bit is down 4.47% in the last 24 hours.

Source: Tradingview

Bitcoin: Analysis

Bitcoin was about to break the support of $46000 and was saved by the Fed Day news – for a while. Bitcoin is again headed to test the same support. The lower trend line of making lower lows is very likely to break below. If this happens, Bitcoin price will drift to $43800, at fib 0.786, breaking the current support of EMA 20 and 50. The resistance level we have here is at the upper trend line of lower highs at $49500, fib 0.236. Bitcoin might get very volatile as the weekend approaches.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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