The cryptocurrency has been on a downtrend for 6 out of the last eight trading sessions, losing more than 19.5%.
Bitcoin came short of entering an oversold status and the Relative Strength Index lowest level was only 34% during the previous session, the pair’s currents RSI is 38%, and the price is up 3.07%
The Bollinger bands are opening up, and this will bring higher volatility. Price trades slightly above the lower band, suggesting that the price is relatively low.
The short and long-term moving averages are very close to crossing but still indicate that the general trend is downwards.
The price found support at the $31,133 level and reached its lowest in 14 sessions. Our parabolic SAR indicator suggests that the downtrend will continue; however, we could see a short-term pullback to bring the price up a bit before resuming its downtrend.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
