With most of the past two days spent below $8k bitcoin price has been looking extremely bearish. A big bounce in late trading on Sunday, however, sent BTC back above resistance to top out at $8,300. Altcoins are also having a green Monday as the bears are kept at bay for now.
BITCOIN MAY HAVE BOTTOMED
Last week was all bearish for bitcoin which fell back to $7,800 again. Support held out and a 4.5% bounce has kept the top crypto well within its range-bound channel again as it continues to consolidate above $8,200.
BTC has now remained within this range for almost a month so something must give soon. The death cross on the daily chart looks set to occur this week as the 50 day moving average drops below the 200 day signaling a continuation of the downtrend.
Trader and analyst Josh Rager pointed out that nothing much has really changed until we get some bullish momentum above current levels in a push up to $8,800.
“BTC is still in this sideways range, nothing really has changed outside of short term bullish price action until we see higher highs” Read More...