Bitcoin – the major force of the market breaks terribly as it hits below $7,000, trading around $6,900, yesterday giving a new 90-day low. Although currently, BTC coin is trading above the extreme base in the said time frame, the supports are inactive to provide ready support that can hold the fall.
Bitcoin Price Analysis:
Analyzing the 2-day movement of BTC/USD on Coinbase, we see that the coin has had a mix of momentums throughout. From trading with almost stability above $8,000 to trading slightly above the major support at $7,000 with an extreme dip in between, BTC now holds moderate volatility. As rightly observed from the Bollinger Bands formation we see that current price trend has a moderate opening of the bands which shows no extremity of either being squeezed or widened.
Although, we can’t really predict that the future movement as the bears have really set in with absolutely no support from the daily moving averages as well.
BTC, just like any other coin in the market, is trading with utmost selling pressure. The 10-day, 30-day, and 100-day moving average stand at $8,055.35, $8,763.67, and $9,143.60, respectively.
The MACD of the BTC coin is extremely bearish as the signal line overpowers the MACD line and move adjacent to each other, while RSI is at 46.72–all efforts embraced to the Bitcoin whales and loyalists.
