Down 36%: Bitcoin Price Faces Worst Weekly Loss Since April 2013
As bit coin prices decline earlier on Sunday, cryptocurrency now appears to be heading for the worst weekly loss in five years.
At the press conference, the major cryptocurrency by market cap is traded at $ 3,520 on Bitstamp, a 36% drop from the starting price of $ 5,553 on Monday. If bulls can not bring about a recovery, it is likely to be the biggest weekly decline since two weeks of April 2013. Prices dropped 44.8 percent to $ 91 from $ 165.
If the chart confirms weekly loss, BTC will close today (UTC basis) to $ 3,887 or lower. Otherwise, the weekly loss is the second largest in 2018. The first loss is a 30% drop seen in the last week of January. .
Weekly performances of Bitcoin
The 33-day price strength is exaggerated by the Relative Strength Index (RSI) on the 14th. But the market is not paying attention to the excessively high conditions reported by technical indicators.
This is evident from the fact that BTC has been looking for sellers over the last 11 days despite a poor record for RSI.
The fact that despite oversold conditions, BTC can not generate a stronger calibration return, it shows that BTC has fewer mindsets.
As you can see, BTC is currently trading below the $ 3,760 support of the trend line connecting the low end of August 2015 and the low end of August 2016.
Below this level will strengthen the technical structure, which is already weak, represented by support for the 200-note index moving average (EMA) and convincing moves below the downward sloping 5-10 week EMA.
Once the price is closed below the upswing trend line, BTC can lower the 200-week simple moving average (SMA) support to $ 3,126.
However, on the 14th, RSI is expected to weaken over the next few days as it closes excess territory (less than 30.00) for the first time since January 2015.
Outlook for the weekly chart will remain weak as long as the 5-week and 10-week EMAs continue to turn to the south.
Disclosure: Authors do not retain cryptocurrency assets at the time of writing.
BTC chart image through Shutterstock; Charts by Trading View
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