Trust is a good thing
A strict editorial policy focused on accuracy, relevancy, and impartiality
A product created by professionals and carefully reviewed
Highest standards of reporting and publication
Editorial policy that is strict and focuses on accuracy. Relevance, and neutrality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin’s price is not able to keep up the momentum of its bullish climb. new all-time high Last week. In the recent days, it has fallen about 7% off its all-time high price.
Bitcoin’s price is currently on a downward trend that could last for several weeks. According to the latest price technical indicators, the BTC price could be headed in a bearish direction. This would put the six-figure market leader BTC at risk.
What technical indicators are sounding the sell alarm?
Burak Kesmeci, a crypto analyst from Turkey, posted a message on X’s platform May 30, 2018. provided The price of Bitcoin is being influenced by technical factors, which are indicating a rapid decline in the value of the leading cryptocurrency. A pundit online predicted that BTC would face a steep price drop in the coming months, possibly to the level of $93,000.
Related Reading
Kesmeci pointed out changes to some technical indicators in the daily timeframe. This suggests that Bitcoin’s price could be headed for a correction. The daily Relative strength index (RSI) is a momentum gauge that measures the rate and size of the price movement of an asset.
The chart below shows the breakdown of the continents. daily RSI This is below the simple moving (SMA) of 14 days by 51 points. This technical indicator change, according to the analyst, indicates a weakening of the bullish trend for Bitcoin.
Kesmeci has also pointed out that Fixed Range Volume Profiles (FRVP), a tool for analyzing trading volume in a specific price range, indicate a strong trading zone near the level of $103,500. Analysts said that sustained closing below this price level may lead to an increase in selling pressure for flagship cryptocurrency.
Kesmeci also mentioned that AlphaTrend suggests that a second closing below 106.269 could trigger a “sell” Bitcoin Price Signal The Average Directional Index indicates that bears have gained the upper-hand in the markets.
Kesmeci identified the next targets as the 0.5 Fibonnaci Level and the FRVP Low Area Value (VAL), two of which can be considered. major support zonesThe price of Bitcoin is currently around $91,800 and $93,200. Ultimately, all these technical levels suggest that the Bitcoin price may correct to the $91,000 – $93,000 bracket.
Bitcoin Price in a Glimpse
BTC’s price is currently hovering at around $104,000, a drop of almost 2% in just the last 24 hours.
Related Reading
Featured image is from iStock. Chart from TradingView
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
