Last Time This Technical Sign Flashed, Bitcoin Dumped 60%. It’s Nearly Back

After a more than 150% rally from March’s lows, Bitcoin’s upward momentum has petered out over recent weeks. For nearly two months, the cryptocurrency has been caught in a tight range between $8,500-10,000. This has resulted in a key trend indicator halting its uptrend. According to a trader, if the indicator slides further, there’s a high chance a strong drop will ensue. Related Reading: There’s a Bitfinex “Whale” Looking to Buy Bitcoin in the High-$8,000s Bitcoin Could Drop as Trend Indicator Poises to Roll Over According to a trader, Bitcoin’s one-week Stochastic RSI reading is about to print a bearish sign: a bearish crossover while the Stochastic is above 70. Each time this sign has appeared in BTC’s history, a “pretty heavy correction” followed suit. For instance, near the $10,500 highs earlier this year, the indicator saw a bearish crossover prior to the 60% correction. As a pertinent aside, while the Stoch RSI is poised to turn over on the weekly, it’s a different story for other time frames. As reported by NewsBTC, an analyst observed last week that the Stoch RSI on the 12-hour, one-day, two-day, and three-day is trending bullish: Read More...

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