After the gains made back on Friday, in today’s Bitcoin news we find out that during the weekend trading session, the number one cryptocurrency dropped by 4.5 percent.
The recovery lost its track after reaching an intraday high at 3640-fiat. Today, we can see that the price dropped by approximately 4.4 percent confirming the weak bull run near the resistant area. At the time of the writing, bitcoin found a new support area and it is now trading at $3.429.
The BTC/USD rate is trading around $450 descending area. All of the traders, who believe that the price will remain inside this area, can place their bets when the pair starts to fluctuate within the parameters.
A break above the upper trendline can help the traders start a long position towards 3713-fiat which is a near-term upside target. If traders try to maintain a stop loss at $10 below the entry position, this will help minimize the losses if another pullback action happens again. Also, a break below the lower trendline could bring 3000-fiat as a possible downside level target.
According to the charts, Bitcoin is currently in the middle of a bear bias. It is very highly unlikely to grow out of it in the near term and it could be a quite a jump to form an inverse H&S pattern at this moment. The RSI indicator has stayed too long in the oversold area and the BTC/USD pair could see a recovery at last but it will be very difficult for it to firmly stand in an upside target level beyond 5000-fiat.
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“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November , just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”Many other industry experts have suggested that investors are forgoing Bitcoin in order to move their money into altcoins. As one senior analyst at eToro named Mati Greenspan said in an email sent to Bloomberg:
“Bitcoin's 20% gains isn’t a poor performance. It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”He also noted the following:
“It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”Right now, data shows that the Bitcoin MACD is right now at 44.3, pointing to a new "sell" recommendation while the coin is trading below $3,900 and is stable on the day.
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