Today’s Close Could be Pivotal for Bitcoin’s Price
Bitcoin (BTC) closes today and a short-term pricing trend will be determined.
The main cipherability prevented Thursday 's three – day losing streak, witnessing a 26 percent surge seen over the last three weeks being overstated.
More importantly, bear trade is still declining and the stock market is still reluctant to enter the market at this level because BTC traded yesterday within the high and low ranges of the previous day.
It is safe to say that the Bitcoin market has become depressed over the past 24 hours. However, even if it is not easy, if the price exceeds the previous day's high of $ 6,628, a strong adjustment meeting may be held on the weekend.
cryptocurrency is currently trading at $ 6,350 on Bitfinex, down 4% from its peak yesterday.
As you can see in the chart above, BTC made a candle yesterday. Between the bull and the bear, I became indecisive.
You can see trends in short-term bear and bull trends, which are higher than the previous day's high of $ 6,628 (UTC).
On the other hand, if the price drops below $ 6,183 today (Thursday's low), BTC will be able to resume selling to the June low of $ 5,755. At present, this scenario appears to indicate strong bearish pressure due to a steep decline in the 5-day and 10-day moving averages (MA) to the south.
As you can see in the chart above, BTC has created a bear flag – a bearish sequential pattern – when the price gets $ 6,240 (minimum price), it will resume selling at $ 7,130 (the highest price).
Once the bear flag collapse is confirmed, the door is opened at $ 5,240 (target according to the measured height method). That is, it could easily drop to the June low of $ 5,755.
Relative Strength Index (RSI) violated the upward trend line in favor of bear. As a result, BTC is likely to see bear flag collapse in the next few hours.
Thursday's inner candle neutralizes the immediate bearish outlook and represents an indecisiveness in the market.
If BTC crosses $ 6,628 the day before, short-term bull reversal will be confirmed.
The bear flag collapse (down below $ 6,240) raises the probability that BTC will fall below $ 6,183 (the previous day's low) and fall to $ 5,755 (June's low) over the next few days.
Disclosure: Authors do not retain cryptocurrency assets at the time of writing.
Bitcoin image through Shutterstock; Charts by Trading View
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This article is a news item to inform readers about various events and development situations that can affect or influence the value of cryptocurrency described above. The information contained herein does not provide or provide sufficient information to provide a basis for investment decisions and should not be relied upon. The information presented here is accurate only on a date-time basis and has not been prepared by research analysts or other investment professionals. Before you decide to buy or sell such an instrument, you should find additional information on the benefits and risks of investing in cryptocurrency. Provide everything that is not encrypted to the 10,000 merchants who came to open the chart.
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