Baxia Markets
By
May 10, 2022

Bitcoin sinks more than 20% in 5 sessions

technical analysis top header -01

The cryptocurrency is taking a beating and reached its lowest level since 30,331 July 2021. The pair is likely to recover some ground in the short term, but we do not know for sure when this could happen; we have seen Bitcoin take some big dives that last longer than the market expected.

 

The Bollinger bands are wide, and volatility is likely to be extremely high in the next few sessions; as the pair continues plunging, the pair trades way below the lower band, suggesting that the price is relatively low, which could incentivize crypto enthusiasts and speculators to buy at a low price.

 

BTC May 9th 2022

 

The relative strength index is at 25%, which is oversold, we have seen Bitcoin stay oversold for many days before it starts a recovery, so it will be hard to try to predict as its price fluctuation is based merely on supply and demand. Our parabolic SAR indicator suggests that the price will continue to fall in the next few sessions. We don't know how low the dip will go, but many will be seeing this as a trading opportunity.

 

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.

cryptocurrency, trading conditions, technical analysis, trading indicator

Subscribe by Email