Bitcoin has shown some continued signs of weakness today due to its inability to garner any clear upwards momentum
It is now hovering within the lower region of its long-held trading range, and it remains unclear as to just how long this support will last for
Its latest decline lower has caused it to grow weak from a technical perspective
One crucial indicator that has been bullish throughout the past several months just flipped bearish
This is the first time that this has occurred since just before the cryptocurrency saw its mid-March meltdown that caused it to reel from the $8,000 region to lows of $3,800
Bitcoin has seen degrading technical strength throughout the past several days and weeks. This weakness has come about as a result of it largely hovering above its lower range boundary over the past several days.
It hasn’t been able to post any decisive bounce from this region, despite briefly being pushed beneath its support.
In the near-term, how it trends next will undoubtedly be the result of its reaction to $9,000.
One indicator that just flipped bearish seems to suggest that a decline beneath this crucial support is imminent.
The last time this indicator flipped from bullish to bearish was right before Bitcoin crashed from over $8,000 to lows of $3,800 in March.
Bitcoin Grows Weak as Technical Outlook Degrades
At the time of writing, Bitcoin is trading down marginally at its current price of $9,200. This is around the level at which it has been trading over the past day.
It does appear that how it trends next will be largely correlated to how strong of a reaction it posts to the heavy support that exists just below where it is currently trading at.
One analyst is noting that one bearish scenario he is watching entails BTC retesting $9,500 to print a lower high, and then plunging down into the mid-$8,000 region.
“BTC LTF Update: This would be the bearish scenario that I would be watching to play out over the coming day… likely we could see another retest of $9500 as it prints another lower high… Watching this chart very closely,” he said.
Image Courtesy of Cactus. Chart via TradingView.
This Key Indicator Spells Trouble for Where BTC Goes Next
Ever since Bitcoin began rebounding from its mid-March lows, the benchmark cryptocurrency’s cloud indicator has been firmly bullish – helping it to establish a clear uptrend.
The inability to break above $10,000, and the multi-week bout of tight range-bound trading, has caused this indicator to flip bearish for the first time since before it crashed a few months ago.
One analyst put forth a chart showing this trend, marking the historical significance of a bearish cloud flip.
Image Courtesy of Teddy. Chart via TradingView.
Unless Bitcoin surges higher an invalidates this, July could prove to be a turbulent month.
Featured image from Shutterstock.
Chart via TradingView. origin »
Given bitcoin’s volatile price swings, one would expect there to be more interest in this currency. If the recent LocalBitcoins volume is an official indicator, that seems to be anything but the case.
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Bitcoin (BTC) has continued slowly grinding lower as bears gain the upper hand over bulls, and sellers have now led the cryptocurrency down to a key support level that must be defended or else it will open the gates for significantly further losses in the near-term.
It’s been a month now that Bitcoin's price has been boring, hovering around $8,000. As such, volatility has dropped below 2%. However, volatility might make a comeback soon as the difference between the upper and lower band in the Trading Envelope indicator gets to its narrowest since mid-September. A similar narrowing was seen last month […]
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Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.