Bitcoin Price Forecast – February 24
A return of downward pressure dominated BTC/USD trading activity for some sessions. Today’s crypto trade transaction initially hit a high of $37,426 and a low of $34,337 as it trades around $35,022 at a negative percentage of 6.01.

BTC/USD Market
Key Levels:
Resistance Levels: $37,500, $40,000, $42,500
Support Levels: $32,500, $30,000, $27,500
BTC/USD – Daily Chart
The daily BTC/USD chart reveals that the crypto-economic market loses strength significantly over time. The critical trading level of $35,000 has broken south to denote that the declining force is of high intensity. However, the price means retrieving the catalyst from the depth of that value point. The 14-day SMA indicator is below the 50-day SMA indicator. Stochastic oscillators are in the oversold region with their lines joined and positioned in an attempt to close south within it. This means that the downward movement is still in place.

As indicated that the BTC/USD market loses momentum below $35,000, is this a good time or chance to start looking for a buy entry?

It also meant that the price of BTC/USD is trading in an oversold zone, as indicated that the crypto-economic market is losing momentum and that situations portend the need for traders to start thinking about taking a long crypto-economy order. Execution of buy orders should be timely when active downward movement below or around $35,000 occurs.

Contrary to upward technical analysis, short placers of the BTC/USD market needed to exercise some ethical principles of placing new orders at this time as the downward force appears to run out in the near time based on the oversold trading situation. If today’s candle tends to be a bullish lower shadow candle, the condition could mean that some upside forces will have to pick up in the days to come.

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BTC/USD 4-hour chart

The 4-hour BTC/USD chart reveals that the crypto market is losing momentum to revisit a low point below the critical value line drawn at $35,000. The downward move is taking place for the second time since the start of a bearish trading cycle for this year. The 14-day SMA is below the 50-day SMA. And both point to the south side above the current trading price of the crypto economy. Stochastic oscillators are in the oversold region, pointing down to indicate that the price has not yet found support in a lower trading zone.

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