Bull Grip verzwakt Als Bitcoin prijs onder Breaks $7,000

Bitcoin remains on the back foot ahead of the weekend.

According to Coindesk’s Bitcoin Price Index, the number one cryptocurrency fell below $7,000 op 11:25 UTC this morning and hit an eight-day low of$6,793. A minor bid wave seen during the Asian session today quickly ran out of steam above $7,300.

Bij druk op tijd, the bitcoin-U.S. dollar (BTC / USD) koers is de handel op $6,799 levels. As per data from CoinMarketCap, bitcoin has dropped 4.76 procent in de laatste 24 uur.

Following the setting of a new record high of $7,879 woensdag, the bull grip now looks to be weakening – likely due to the rotation of money out of bitcoin and into alternative currencies following the suspension of the Segwit2x hard fork on Wednesday.

The odds look high that the sell-off will continue too, given the month’s rally from $5,000 was in part a product of the perception that holders of bitcoin might receive free money should the hard fork result in a split of the bitcoin blockchain. dus, the cryptocurrency could shed a significant portion of the $2,800 gains.

Looking ahead, the price action analysis indicates the odds are stacked against the bulls.

Bitcoin grafiek

Bovenstaande tabel toont:

  • Bearish price relative strength index (RSI) afwijking
  • Double top reversal pattern with neckline support at $6,900
  • The RSI has breached the rising trend line
  • The trendline sloping upwards from the Sep. 15 low and Oct. 5 low is seen offering support around $6,260 levels.

Uitzicht

  • BTC looks set to breach the double top neckline support of $6,900. Het sluiten onder $6,900 on the 1-hour chart could yield a sell-off to $6,200 (target as per the measured height method).
  • Echter, only an end of the day close below the rising trend line support would signal a long-term bullish-to-bearish trend change.
  • On the higher side, Een onderbreking boven $7,500 would revive the bullish move.

Clinging clips image via Shutterstock

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Bron: Coindesk