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Bitcoin Price Key Highlights
Bitcoin price is on another day of declines, possibly setting its sights on longer-term support zones.
Price has already closed below the 50 SMA to reflect a pickup in selling pressure.
The next downside target might be the yearly lows or the bottom of the falling wedge on the daily chart.
Bitcoin price appears to be setting its sights on the bottom of the falling wedge pattern visible on the daily time frame.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to continue than to reverse. Bitcoin price has also slumped below the 50 SMA to signal a pickup in selling momentum.
RSI has reached oversold conditions, though, so there may be some exhaustion among bears. Similarly stochastic is in the oversold region to signal that sellers might take a break and allow buyers to take over. Both oscillators have yet to climb higher to indicate a return in bullish pressure.
If that happens, bitcoin price could revisit the top of the wedge, which is spanned by the dynamic inflection points at the moving averages. This means that bitcoin price has several upside barriers to contend with before attempting to break higher from the wedge. Note that the formation spans around $6,000 to $12,000 so the resulting move could be of the same size.
BTCUSD Chart from TradingView
Much of the decline has been blamed on FUD (fear, uncertainty, doubt) that led traders to dump their holdings, leading to even more losses for bitcoin price as sellers keep piling in. So far, there seem to be no major positive updates that could stop the bleeding, but many are pointing to the consistent market dominance of bitcoin even while the industry is in selloff mode.
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ok, no sabia de esto, muchas gracias por la información. les agradezco de verdad
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://insidebitcoins.com/news/bitcoin-btc-price-watch-aiming-for-wedge-bottom/160727
Hola amigo un saludo, no voy a redundar en lo que ya te fue indicado a través de la visita de Cheetah y del comentario de Steemcleaners relativo al plagiarismo, el cual como has de saber no es correcto realizar y menos en esta plataforma que promueve el contenido original, sin embargo voy a aprovechar para hablarte del uso del Tag Spanish: El cual solo lo usamos cuando hemos escrito total o parcialmente nuestro post en este idioma. Por favor considera esta y las anteriores recomendaciones que te han dado y si tienes dudas escríbeme. Muchos éxitos☺
lo del plagio de verdad no sabia pero muchas gracias por decirme lo del tag spanish, como estaba escrito en ingles pensé que se podía. muchas gracias por la informacion
Estamos para servirte, y ya sabes si tienes dudas pregunta, mira que por lo menos lo del plagio es bastante delicado, de todas maneras y con tu permiso te voy a sugerir visitar los post de @lince, donde podrás encontrar mucha informacion que te ayudara a postear adecuadamente en nuestra comunidad... Un saludo☺.
como consigo esa información, me ayudarías?
Claro! Es muy sencillo cliquea en la lupita que puedes ver arriba a la derecha, (al lado del lapicito que te permite redactar) y en lo que se abra el cuadro de dialogo escribes lince, entra al enlace que diga posts marked by lince y allí tienes varios enlances para leer...
Cualquier duda me avisas☺
Gracias amigo
De nada... Estoy para servirte☺