Bitcoin Bias Flipping to Extremely Bearish: Analyst

Trading signals for Bitcoin are turning ‘extremely bearish’ as the cryptocurrency’s wild upside of HY2019 comes close to its exhaustion.

According to market analyst Chonis Trading, the moving average convergence divergence (MACD) oscillator on bitcoin’s weekly charts is looking to flip to indicate its bearish bias. The indicator is one of the most popular ones among both novice and professional investors when it comes to forecasting price momentums and trends. And it has stood accurate in predicting bitcoin’s bias in its recent history.

Chonis Trading pointed out the MACD’s flipping event, wherein the Fast Line in blue is looking to cross under the Slow Line in red. It technically signals a reversal to the downside on a weekly chart, which means the long-term bias for bitcoin is turning bearish.

“Bitcoin weekly MACD closing in on cross test in the coming weeks. The last time these indicators crossed, the BEAR market was confirmed. Histogram continue to stair-step down to the negative,” tweeted Chonis Trading. Read More at NewsBTC...

#BTC #Bearish