BTC Technical Updates- 8 May 2022


Hi Readers,

Everyone is quite nervous at the complete sell-off season that is happening in the crypto markets.

The multifactorial crypto market & sentimental analysis from the alternative.me, the fear greed index slipped from 23 (yesterday) to 18 today, which is quite alarming and could understand the sentiments among the investment community.

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Based on the discussions in the previous article, let’s again get into some technicalities on Bitcoin.

Bitcoin currently trades at 34347 USD at now while I write this article. If we look at the RSI, it is in nearly in the oversold region. The S- RSI is entering into the oversold region.

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The short time view is still continued to be in the bearish side. It may slips further.

35K USD would act as a major support. If it breaks below this, the support level is $ 34322, if it breaks again the next support would be $ 32900.

If it still breaks this, 30K $ would be a psychological support level again.

If it again breaks, 25800K would be a support level. This can be considered as a worst case scenario.

But, anything can happen in the crypto market now. If any negative news comes, the market would nosedive to deep red.

The trade Volume of BTC decreases and the exchange reserve is also coming to low is a matter to make a keen watch.

At present, not only BTC crashes- but all the global index crashes.

As per the data from coinmarketcap.com, the crypto market cap stands today at $1.58T, with a down of 4.10% from yesterday. The top 5 Crypto Coin status, according to the website is: 

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The Dollar Index is at all time high which again a negative for the BTC as discussed earlier. But the Dollar Index is at the overbought region. If it reverses and slips, then only the BTC would start moving upwards.

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(Representational Image)

Let's prepare for the worst too and accordingly make your plans.

Let’s all hope this would pass soon!

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