BTC Breaks Long Term Trend As Tesla Ditches It for BINANCE:BTCUSDT by CoinGape

-BTC has fallen to a two month low as Tesla announces suspension of BTC payments
-150 MA has held BTC from a further downfall
-Bullish divergence spotted on RSI

Bitcoin has broken out of a long 3 month range of $10,000. After Elon Musk announced Tesla will no longer be accepting BTC due to environmental reasons, BTC broke its major support of $55,000 and quickly fell over 15%. BTC is now is now in scary waters .

While looking at the chart, BTC has broken a long term trend that has been held for nearly 6 months. This is not a good sign as there is much FUD spreading about Bitcoins environmental impact . BTC must hold major support range of $46,500-$48,000 or we can experience a large fall to $40,000. As of now, the 150MA has held the price of BTC as it touched this moving average for the first time in 6 months.

If BTC can break above $48,000 and hold, there will be a decent revival to $51,400. In the case that BTC holds this resistance, next up is $54,400. BTC has grown over 1000% in a year. With this being said, there is a good chance more downside might occur before BTC resumes a bullish uptrend.

Whil looking at the Stochastic RSI , we can see that strength has reset to oversold levels. If the strength can bound above 30, expect a revival to minimum $51,400. The regular RSI also confirms a small bullish upswing as it has printed a bullish divergence . This occurs when price makes a Lowe low but RSI makes a higher low.

BTC intraday levels

Spot rate: $48,100

Trend: Bearish

Volatility: High 

Support: $46,400

Resistance: $48,000

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