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Bitcoin Continues Bearish Trend As Seller Pressure Grows
Summary: Bitcoin is giving off very strong bear vibes as the market value has continued to fall and could potentially reach below recent lows, if the downward trend continues, according to CoinDesk. The market value fell on Tuesday from $8,326 to $8,086 before eventually stabilizing in the area of $8,100. This downward trend continued today as ...
Bitcoin is giving off very strong bear vibes as the market value has continued to fall and could potentially reach below recent lows, if the downward trend continues, according to CoinDesk.
The market value fell on Tuesday from $8,326 to $8,086 before eventually stabilizing in the area of $8,100. This downward trend continued today as Bitcoin has fallen below $8,000 and could fall below its recent low of $7,750.
This drop however could be a bear trap as the market drop might merely be a case of seller exhaustion according to the bullish divergence of the 14-day relative strength index.
Many investors and longer duration indicators report the opposite and that Bitcoin will continue its bearish trend. The weekly Chaikin Money Flow (CMF) index is showing Bitcoin at a value of -0.14 which is the lowest Bitcoin has been since mid-February. This below zero indicator means selling pressure or capital flight is much higher than buying pressure or inflow.
By Ramsey Baker
Tags: Bear,bear trap,Bitcoin,CMF index,Cryptocurrency
Link: Bitcoin Continues Bearish Trend As Seller Pressure Grows [Copy]
