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The immediate future of Bitcoin's price largely depends on its interaction with the trendline and key moving averages. Currently, the 50-day Exponential Moving Average sits around $65,000, acting as potential upper resistance in case of any bullish reversal.The current chart formation presents a descending triangle pattern, a typical bearish signal in technical analysis, suggesting that SHIB could be under significant selling pressure.
Despite these concerns, there are positive signs in the market dynamics. The descending volume indicates that selling pressure is diminishing, which could mean that sellers are getting exhausted. This scenario typically sets the stage for buyers to regain control and potentially drive the price upwards.
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Source: Cointelegraph - 🏆 562. / 51 Read more »