View Bitcoin is again attempting a recovery from the 30-day moving average, currently at $7,710.
The key average has consistently reversed price pullbacks in the last four months.
This time, BTC is more likely to end up creating a bearish lower high or may find acceptance below the average in the next day or two, as both the daily and weekly technical indicators are calling a deeper price pullback.
Bitcoin's price pullback seems to have stalled near historically strong support, but a bounce, if any, could be shallow.
The cryptocurrency market leader dived below $8,000 in the Asian trading hours today and almost tested the crucial 30-day moving average support, currently at $7,707, according to Bitstamp data.
The average has consistently reversed price pullbacks over the last four months.
Notably, every bounce ended up violating the preceding price high.
The price is again attempting a recovery from the 30-day MA as seen above.
The bounce will likely be shallow or the cryptocurrency could find acceptance below the average later today, as the 14-day relative strength index has dipped below 54.50, confirming a double top breakdown - a bearish reversal pattern.
Further, the price drop seen in the last 24 hours validated the bullish-to-bearish trend change signaled by the bearish outside day candle created on May 30.
Long-Term Support Level May Struggle to Revive Bitcoin Price Rally
에 게시 됨 Jun 4, 2019
by Coindesk | 에 게시 됨 Coinage
Coinage
이 기사에서 언급
최근 뉴스
모두보기
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.