BTC/USDT Bitcoin slipped below the 20-day exponential movin | Global CRYPTO News
BTC/USDT
Bitcoin slipped below the 20-day exponential moving average (EMA) of $22,864 on Aug. 17 and then below the 50-day simple moving average (SMA) of $22,318 on Aug. 19. The bulls are attempting to arrest the decline at the support line of the ascending channel.
The 20-day EMA has started to turn down and the relative strength index (RSI) is in negative territory, indicating advantage to bears. If the price reverses direction from the moving averages, it will suggest that bears are selling on rallies.
That could increase the possibility of a break below the support line of the channel. If that happens, the crucial support zone of $18,626 to $17,622 may come under attack.
To avoid this situation, the bulls will have to push and sustain the price above the moving averages. If they do that, the BTC/Tether (USDT) pair could rise toward the resistance line of the channel.
The buyers are aggressively defending the support line of the channel, but the downsloping moving averages and the RSI in the negative territory suggest that higher levels are likely to attract selling by the bears.
If the price turns down from the current level or the 20-EMA, the likelihood of a break below the channel increases. If that happens, the bearish momentum could pick up and the pair could drop toward $18,626.
The first sign of strength will be a break above the 20-EMA. Such a move will indicate that the selling pressure may be reducing. That could improve the prospects of a rally to the 50-SMA.
