CoinDesk analyst Omkar Godboul notes that after passing the support level at $ 3,298, the price of the first cryptocurrency may fall to the lows of September 2017 around $ 2,970.
Bitcoin dropped to six weeks ago, and soon bears can test long-term support at $ 3,300. Yesterday's drop in prices to a low of December 17 was accompanied by an increase in total trading volumes to $ 7 billion (according to CoinMarketCap), which clearly indicates the prevalence of sellers in the market.
The continuation of sales can reduce the price to the minimum values of December at the level of $ 3100.
Weekly schedule
The higher timeframe shows that the price is desperately holding on to the 200-week moving average (MA) passing through the $ 3,298 mark. Against the background of a decrease in the relative strength index (RSI) in the oversold zone, the MA 200 may not resist.
Daily schedule
On the daily chart, the RSI is also pointing down. The last time in the oversold zone, this indicator was in December.
Also, the continuation of the bull market is signaled by downward MA with periods of 5 and 10. Thus, the price may soon return to the level of $ 3122.
Lower timeframes
On the four-hour chart, the RSI is in the oversold zone, below the 30.00 mark. Consequently, a short upward correction may occur before the breakdown of the MA 200.
So far, only a convincing breakdown of the $ 3,658 mark, corresponding to the maximum of the Doji's Saturday candlestick ( “Tombstone” ), can drastically change the market picture.
Recall, according to Renato Shirakashi, the founder of Scup and Sprinklr services, the BTC price has almost reached its bottom .
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