More unsettling news while we watch Bitcoin's movements... We mentioned just a few days ago that the 10 and 50 day moving averages were making the current bull trend look uncertain. Well, those lines crossed again yesterday and the result has been an almost 17% drop off... 馃え
Currently the price of BTC is at around $47,750 USD. The recent drop pushed the price out of the lower Bollinger Band. Meanwhile the RSI is down to around 34.87. These two factors alone could trigger some buying in the next day or so.
However, we still have to compete with the death cross of the 10 and 50 day moving averages.
Things could still turn around but at the moment it's looking more bearish. We could see the alt season come to an end and a move back into BTC. That could be enough to flip things back to a bullish outlook. Stay tuned!
Keep watching the charts! 馃搱
Please note : this is opinion and should not be taken as financial advice.
