Baxia Markets
December 21, 2021

Bitcoin downtrend continues

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The cryptocurrency was unable to complete the breakout on the resistance at $49,148 and has lost 5.22% in a week; it's currently up 0.44% today. The pair continues on a general downtrend as the price broke our 50% retracement and the moving averages crossed at the end of November.


The Bollinger bands are closing up, bringing lower volatility to the pair; the price is consolidating between the mid $45,000 and the high $47,000. The price trades closer to the lower band but not enough to consider it relatively low yet. The lower band started to move up, which could help Bitcoin recover some ground in the next few sessions.


BTC Dec 6th 2021


The relative strength index is stable at 37%, pretty much unchanged for the last five days. The RSI is trying to recover from the oversold status it entered less than ten days ago, but it's finding it hard to reverse the general downtrend it's on.


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