2018-11-16 17:49 |
After Wednesday’s extremely bearish price action, the decline in Bitcoin is slowing down. Although there was a follow-up in the drop yesterday where Bitcoin formed a 2018 low around $5200, there was a quick retracement and price currently trades around $5550.
Although the price is currently trading steady today, the longer it trades in a sideways manner, the higher the likelihood that the next significant move will be a drop. The sideways trading we are seeing now could set up a bear flag.
The momentum is also strongly still on the side of sellers. The daily RSI is trading at its lowest point of all time, and the MACD continues to diverge significantly to the downside.
Bitcoin Daily Chart – Source: Tradingview.comThe hourly chart shows a drop occurring in Bitcoin yesterday with it briefly dropping below $5200. Traders were not yet willing to let Bitcoin trade at such a low valuation and quickly jumped in. In the event of another drop, we may likely see support around the $5000 to $5200 area.
Since its recovery from this low point, the price has been trading in a range from around $5450 to $5550. The price is currently approaching the 50 EMA where it might meet some resistance.
Bitcoin Hourly Chart – Source: Tradingview.comThis week’s bearish movements have brought the entire cryptocurrency market cap to $184 billion after it started the week above $200 Billion. Bitcoin represents the dominant share of this at almost 53%.
Key Takeaways: Bitcoin priced in a 2018 low yesterday below $5200 but buyers quickly brought the price back up from here. Price has since traded in a range from $5450 to $550 but the longer it trades in this range, the more likely the next significant move will be to the downside. Momentum is also, strongly on the side of sellers. Price action currently approaching the hourly 50 EMA which may act as resistance. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin’s Price Drop Steadying After Recording a 2018 Low was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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