Bitcoin taps parabolic trendline; is an explosive movement imminent?

Bitcoin and the aggregated crypto market incurred a steep and widespread sell-off today that came about after a brief consolidation period. BTC has been able to recover slightly from its intraday lows, although it still appears to be in a precarious territory.

The cryptocurrency is now nearing its parabolic trendline, which has historically catalyzed explosive price movements. One analyst is also pointing out that several technical indicators further support the notion that Bitcoin’s price may soon post an upward movement.

At the time of writing, Bitcoin is trading down just under 2 percent at its current price of $8,390, which marks a steep decline from its daily highs of $8,700 and a slight climb from its daily lows of roughly $8,000 that was briefly tapped during the sell-off incurred earlier today. Read More...