Technical analysis
The price lies below MA(50) and MA (200)
The MA(50) is below MA (200), which is favourable for bears
The MACD is below 0, with the signal line pointing up
The RSI is below 50, which predicts a decline.
What the possible outcomes are
BTCUSD is bearish on the one-hour chart. Over the weekend, bitcoin’s MA(50) fell below its MA(200). The indicators crossed earlier. That combination signals a change in price momentum. Market players believe that China will expand the crackdown on bitcoin mining. The liquidity is thin.
At the moment, the price rebounded from the first support level of 31,103.86. Beneath lies the second support level of 30,041.72. If bulls defend the support level of 31,103.86, the price may reverse towards the resistance level of 35,741.58. A breakout of that level can push the price higher towards 37,964.91.
Key levels
Support 31,103.86 30,041.72
Resistance 35,741.58 37,964.91
