Signs That The Bears Are Taking Over Bitcoin

2018-10-13 21:30

After the market crash on Thursday, the future of a further drop in Bitcoin seems to be a bit brighter according to CoinDesk.

The biggest digital currency in the world has been staying relatively steady over the past month but on Thursday there was a massive drop bringing the price down below the $6,500 mark and to the $6,200 level confirming a range breakdown.

The technical indicators on the daily chart were also a bit slow and validating a negative moving average crossover on the long duration charts as was mentioned yesterday over several news outlets.

The bears basically took control around 24 hours ago and they made sure they kept it over the past day. Moreover, the bearish case is now looking a bit more solid than it did a day ago due to a few key signs.

Trading volumes

Trading volumes on Bitfinex surged to a five week high yesterday however the total trading volume across all digital currency exchanges jumped by over 35% leaving it at $5.18 billion which is the highest level since the back end of September.

With trading volumes jumped means a greater reliance can be placed on the bearish move. This ties in with a big drop in volume and can be considered a big negative sign.

Breaching Bitcoin

Bitcoin saw a Bollinger band breakdown yesterday and also broke the support of the trendline taken from the low at end of June and the low from the start of August.

This will probably start encouraging the bears with the trendline putting the brakes on several occasions on the sell-off in the first half of September. The trendline is also now staying as a hard resistance at the time of writing.

Long positions tanking

The high volume of Bitcoin’s drop was joined by a ten percent dip in the BTC/USD long position and a 7.4 percent increase in the short positions on Bitfinex of BTC/USD.

A break below vital support suggests a scope for a deeper sell-off, especially when accompanied with long positions and a jump in short positions.

According to CoinDesk:

“It seems safe to say that for BTC, the path of least resistance is on the downside. As of writing, it is changing hands at $6,312, representing a 0.9 percent gains on a 24-hour basis.”

What are your thoughts? Let us know what you think down below in the comments!

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1538128067916-0'); });

The post Signs That The Bears Are Taking Over Bitcoin appeared first on Crypto Daily™.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95908.41 (-0.99%)
Объем 24H $98.381b
Изменеия 24h: 1.13 %, 7d: 7.75 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1897.592b Rank 1
Цена в час новости $ 6319.71 (1417.61%)

bitcoin long drop positions trading bears trendline

Источник: cryptodaily.co.uk

bitcoin long → Результатов: 126


Фото:

Bitcoin’s Long Term Holder Indicator Turns Red For The First Time In Six Months — Here’s What This Means

Bitcoin’s Long Term Holder (LTH) indicator just flashed red for the first time in over 6 months but there is nothing to worry about according to Lead Insights Analyst, Will Clemente. According to a Glassnode signal, Bitcoin’s bull market seems to have entered into a distribution phase, a signal first confirmed by the Long Term […]

2021-11-17 12:43


How Long Does It Take to Mine One Bitcoin in 2021?

The use of bitcoin as a store of value has grown tremendously. Bitcoin’s attraction has revived a much more positive reception of blockchain networks and cryptocurrencies in general. The Bitcoin network and mining Amid the 2008 Wall Street financial crisis, an anonymous author and developer, Satoshi Nakamoto, published a whitepaper proposing a decentralized currency model … Continued The post How Long Does It Take to Mine One Bitcoin in 2021? appeared first on BeInCrypto.

2021-2-26 21:51


CryptoPoints: Easy Way To Buy Bitcoin, Ethereum, LTC And BCH

What Is CryptoPoints? Crypto Points is a simple way to purchase Bitcoin, Ethereum, Bitcoin Cash or Litecoin at the best prices in the market. Initially, to purchase cryptocurrencies, users were required to undergo the long registration processes and complex verification procedures on exchanges and it took too long to receive the cryptocurrency. However, on Crypto Points […]

2018-11-6 14:39


Чарли Ли: Litecoin может дополнить Lightning Network биткоина

Создатель Litecoin (LTC) Чарли Ли уверен, что его криптовалюта станет отличным дополнением Lightning Network, а сама технология может вскоре стать децентрализованной биржей. Litecoin will also be the easiest onramp onto the Lightning Network.

2018-7-13 08:44


Фото:

The Genesis Files: With Bit Gold, Szabo Was Inches Away From Inventing Bitcoin

As his Hungarian parents had fled post-war Soviet regime to settle in the United States, Nick Szabo came to call the Californian Bay area of the 1990s his home. Here, he was among the first to frequent the in-person “Cypherpunk” meetings organized by Timothy May, Eric Hughes and other founding members of the collective of cryptographers, programmers and privacy activists centered around the ’90s mailing list of the same name.

2018-7-13 17:16


Professor Whitfield Diffie on the Challenges of Securing Data on the Blockchain

Blockchain technology has come a long way since it was introduced as the underlying technology driving Bitcoin. As the field continues to advance, modern blockchains such as Ethereum, EOS, NEO, Cardano and others are becoming software platforms where startups can build entire products and utilize decentralized features inside their own applications. Today, blockchain technology is […]

2018-7-10 16:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru