$BTCUSD Forex Signal: Bearish Pressure Increasing -
, so overall the technical evidence suggested that the price was due a slow fall to at least the nearest support level at $45,668.This was a good call as I was correct about the directional move, the price fell to reach and exceed $45,668 over that day.
The technical picture now looks a little more bearish than it did a few days ago. The distributive consolidative price action below the strong resistance at $48,555 has continued, and we see a new resistance level having developed at $46,982 which is reinforced by a confluent descending trend line shown in the price chart below.
Despite the selling pressure bearing down from above, we see some bullish action below, with higher lows basing off the key support level at $45,595.If the price gets established later below $45,595 that will be a bearish sign. Although a break above $46,982 will be a bullish sign, the real test for bulls will only come when they can test the higher resistance level at $48,555.
trading Bitcoin today will probably do well to look for long trades above $46,982 or short trades if the price gets below $45,595.
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