Bitcoin (BTC) failed to sustain its skyward developmentment on Feb 23 and is now approaching its yearly lows back when again.

Bitcoin attempted to move skywards on Feb 23, but was quickly rejected and fell sharply. The dip extended on Feb 24 and BTC broke down from the $36,600 horizontal support field. 

BTC is now approaching the January lows of $32,900 (green icons). The previous time this range was realized, BTC created a prolonged lower wick and leapted.

BTC drop
BTC Chart By TradingView

Bearish readings

Technical indicators in the daily time frame are bearish afterward both the RSI and MACD are downward. The former is below 50 during the time the latter has already crossed into negative territory. Both of these are signs associated with bearish trends. 

On the bullish side, the rate has scarcely dropped below the lower Bollinger band. While this could be the catalyst for a limited bounce, it does seem which the trend is still bearish.

Daily indicators
BTC Chart By TradingView

The six-hour chart shows that BTC is hatoping barely atop the $34,500 horizontal support field. Previously, it deviated below this level on Jan 24 before reclaiming the line. 

Furthermore, there is a interim bullish divergence that is slowly developing in the RSI. This aligns with the reading from the Bollinger Band, that suggests which a momentary bounceped could transpire. 

After all, the protracteder-term trend is likely bearish.

BTC Support
BTC Chart By TradingView

BTC wave count analysis

The wave count suggests which BTC began a five-wave descending development on Feb 11 (black). If true, it’s directly in the fon the assumption thatth and final wave. 

The rate is presently dealing at a confluence of support levels which could act as the low of wave five. The level likewise coincides with the 1.61 external retracement level of wave four (black), and the 0.618 length of wave three (white). 

Wave count
BTC Chart By TradingView

For CryptCraze’s previous Bitcoin (BTC) analysis, click here

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