Bitcoin is down 6.2% in today's trading session. The price continues falling amid the investors' efforts to maintain the cryptocurrency price above the $35,000 level. The price currently trades below the short and long-term moving averages suggesting a downtrend continuity.
Bitcoin could find strong support at $30.066 since it's the lowest level the price has reached in 4 months. However, we believe that a recovery could start sooner. Our parabolic SAR suggest a downtrend will continue for the second session in a row,
The Bollinger bands shrunk aggressively during the weekend. However, they are opening up at the edge. The pair trades very close to the lower band, which suggests that the price is relatively high. The relative strength index is at 34%, and this could be favorable for the cryptocurrency. As the price gets closer to the oversold status, more investors could start reacting and buying the "dip," which would allow the crypto to recover some ground in the short term.
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