Βitcoin – BTCUSD continues the same trading pattern, slipping slowly lower for fifth trading day in a row. As of writing bitcoin gives up 0.55% at $7,567.52 having reached earlier the daily low at $7,401.
Bitcoin operates now in slippery ground while any attempt higher matched with heavy offers.
Bearish sentiment surrounds the number one cryptocurrency after BTC breached the 8,000 mark. The correction which started late October is still intact, furthermore, BTCUSD is trading below it’s downward sloping trendline, which confirms the bearish momentum.
Bitcoin bears now target the October 23 lows at $7,309. In a credible move below that level, next support can be found at 6,920 the low from May 13. A warning signal for bears is that the RSI in the daily chart has reached oversold levels, so we can’t rule out a corrective rebound.
What might cancel the recent bearish momentum is if bitcoin manages today to close above the daily high at $7,714, in that case a move to yesterdays high at 8.097 will be the next target. Buyers needs to clear the 50-day moving average at $8,528.33 in order to regain control of the bitcoin trend.More content