
In its latest market analysis, Benzinga examines crucial technical indicators for Bitcoin, aiming to decode the immediate trends and anticipate upcoming price action. Despite the broader trend remaining bullish, technical factors suggest that the current correction phase could deepen.
One concerning aspect is the potential mini-death cross on the four-hour chart. This pattern occurs when a shorter-term moving average, such as the 20 or 26 EMA, crosses below a longer-term one, like the 50 EMA, on shorter time frames. While less significant than a full-scale daily death cross, it often acts as a momentum killer during local rallies, increasing bearish sentiment and setting off stop losses.
If Bitcoin forms this cross in the upcoming sessions, it could quickly negate the bullish momentum seen in recent weeks.
On a daily basis, Bitcoin is trading slightly above the 26 EMA (around $104,400), which has provided crucial short-term support.
If it breaks below this level, Bitcoin may plummet toward the next major support zone, which is around $99,800—the psychological support and previous breakout level.
Further down, the 50 EMA, at approximately $96,500, will come into play if there is more decline.
However, a deeper correction down to the high $80,000 range, where the 100 and 200 EMAs converge, should be avoided if this level holds.
Additionally, volume has sharply decreased, indicating waning bullish sentiment.
The RSI has also fallen close to 50 and is teetering on the edge of the neutral-bearish zone, suggesting that the market may be moving into a phase of distribution rather than a period of healthy consolidation.
Shiba Inu: Faint But Potential Bullish Signal
Shiba Inu token (CRYPTO: SHIB) may be displaying a faint but potentially potent bullish signal despite recent negative sentiment.
Shiba Inu: What Happened
SHIB is currently trading at $0.00001282 and is hovering just above the annual low zone, a crucial support level that has traditionally served as a springboard for rapid reversals.
As can be seen from the daily chart, SHIB has moved back to the lower edge of the accumulation zone that it had previously occupied this year.
The $0.0000125-$0.0000130 range has historically triggered relief rallies in late March and April.
Although none of these attempts were able to surpass the 200 EMA, they all indicated that buyers were actively protecting the lower band of the range.
The RSI, at 39—just above the oversold threshold, suggests that the token may be approaching a condition that is ready for a rebound.
The fact that the volume is still modest but steady indicates that the sell-side pressure is not yet strong enough to send SHIB plunging.
Shiba Inu: What To Know Now
Moreover, SHIB has escaped a complete breakdown despite its inability to reclaim the 50 and 100 EMA lines during the most recent bounce, indicating that some traders are still placing bets on consolidation rather than collapse.
If bulls can maintain the current level for a few more sessions and recover the $0.00
Analytics Insight: Latest AI, Crypto, Tech News & Analysis
https://www.facebook.com/TechBullion/
Insights
https://web.facebook.com/Coinfomania/
https://www.facebook.com/newsbtc