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    Baxia Markets
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    May 19, 2021

    BITCOIN Hits 3-Month LOW

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    Bitcoin has been in a downtrend for the last three trading sessions. We can clearly see it is very close from entering an oversold status with the Relative Strength Index at 31%. 

    The markets could start reacting soon and drive the price back up, if this happens, the price would likely find a resistance at $47,497 which is at the 23.6% level in our Fibonacci Retracement. 

     

     

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    The Bollinger Bands are very wide and volatility should be high in the upcoming sessions. The price currently trades under the lower band suggesting that the price is relatively low. The parabolic SAR suggests that the downtrend would continue, however, this is a lagging indicator. 

     

    The moving averages are getting closer to each other, and if the price starts to climb we would likely have a cross in the short term that would indicate a trend reversal.

     

     

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