Bitcoin languishes at lows of more than two weeks as technical struggle continues

bitcoin-languishes-at-over-two-week-lows-as-the-technical-struggle-continues-20210714 ″>

Bitcoin is down close to 2% to $ 31,900 currently

png »title =» »class =» cms-png img-responsive »alt =» Bitcoin D1 14-07 ″ />

Invest in yourself. Take a look at our forex education center.

This is the technical history of Bitcoin from the end of May and we are still continuing down that path right now as the fight unfolds.

Today’s nearly 2% drop sees Bitcoin drop to its lowest level since June 27 with a yield below $ 32,000, which in itself was a fundamental level on the daily chart.

But essentially, any bullish momentum is capped at $ 40,000, while downside pressure must drop below the psychological level of $ 30,000 to extend any breakout.

That said, the miniseries of decreasing highs and lows over the past two weeks has not been encouraging and we are now seeing a ‘death crossover’ pattern with the 100-day moving average (red line) falling past the moving average of 200 days. . (blue line).

latter reveals the change in momentum in Bitcoin and is one that can be difficult to ignore, especially if that pushes the agenda toward a more robust test of $ 30,000.

A hiatus could exacerbate a quick slide to potentially $ 20,000 later.

While the news may still offer some short-term volatility, in my opinion the chart and technical data are the biggest unsurt in play right now for Bitcoin.

Read also Poly Network hacker says exploitation was just “for fun”

Source link

more

Related Posts

© 2024 Cryptocoin Budisma.net