Baxia Markets
June 08, 2021

Bitcoin continues plunging, it's down 6.2%!

technical analysis top header -01

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,


Bitcoin June 7th 2021


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.


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.


Open Live Account  


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. 


Subscribe by Email