Dead Cat Bounce? Bitcoin Cost Recuperation May be Short-Lived

2018-6-12 18:09

Bitcoin (BTC) is looking to regain poise after its drop to two-month lows on Sunday, but the recovery will likely be short-lived, the technical charts indicate.
Further, the long duration charts have turned bearish, so holding on to gains above $7,000 will be a challenge for BTC’s bulls.
Hence, the recovery could turn out to be a dead cat bounce – a temporary recovery in a bear market that is followed by a resumption of the downtrend.
The bearish moving averages could also complicate the recovery in bitcoin prices.
The broader outlook remains bearish with bitcoin likely to test $6,000 in a week or two.

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