Bitcoin Could Soon Reverse to the Downside for These 3 Reasons
Bitcoin is primed to reverse to the downside despite managing to push from last week’s lows at $9,800 to $10,850 now. The cryptocurrency is printing a series of technical signals that suggest it will soon fall, rather than rally as some have expected.
One trader recently identified these signals and shared them. They are as follows:
Chart of BTC's price action over the past few weeks with analysis by crypto trader Crypto Hamster (@Cryptohamsterio on Twitter). Chart from TradingView.com
BTC also has a higher chance of dropping due to ongoing trends in the legacy market.
The U.S. dollar rallied on Thursday after sinking for a number of days. This rally in the price of the world’s reserve currency has suppressed markets, from stock and commodities to cryptocurrencies like Bitcoin.
Fundamental Trends Remain Positive
The fundamentals of Bitcoin remain decisively positive.
The Federal Reserve recently released the following statement, committing to easy monetary policy for the months ahead:
Investors in the space from Arthur Hayes of BitMEX and Dan Morehead of Pantera Capital to Raoul Pal of Real Vision and retail investors think that this trend of stimulus will only drive BTC higher.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com These 3 Technical Signs Show Bitcoin Could Soon Reverse Lower
Originally from Bitcoinist.com https://ift.tt/3hEbOnn
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