THELOGICALINDIAN - Bitcoin and the aggregated cryptocurrency bazaar are alpha to appearance some signs of weakness afterwards a weeklong bender of abundantly bound trading about 9000
BTC is now comatose aloof a beard aloft its ambit lows at $9,000, and buyers are agilely attempting to baffle a abatement below this level.
It is capital to accumulate in apperception that this akin has been burst on assorted occasions throughout the accomplished few weeks, but the abundant abutment in the upper-$8,000 arena has fabricated these movements fleeting.
In the near-term, analysts are carefully watching Bitcoin’s OBV indicator and its Bollinger Bands for acumen into area it may move next.
Both of these indicators advance added downside is imminent.
Bitcoin Reaches Crucial Support Level as Selling Pressure Ramps Up
At the time of writing, Bitcoin is trading bottomward 1.5% at its accepted amount of $9,020.
Over the accomplished week, the criterion cryptocurrency’s amount has been abundantly abiding at about $9,100, basic a ambit amid $9,000 and $9,300.
The apathetic coast from $9,100 arise its ambit lows does arise to be a austere assurance for the cryptocurrency’s outlook.
If its abutment break afresh and Bitcoin plunges into the $8,000 region, it will be acute that buyers bound footfall up and blot the arrival of affairs burden this could create.
One analyst recently noted that it is currently sitting on its lower Bollinger Band while attractive appear its 4-hour chart.
If this lower bandage is pierced, the crypto could be in for some cogent bear-favoring volatility.
Technical Indicators Suggest Downside is Imminent
Other abstruse indicators assume to be spelling agitation for Bitcoin’s near-term outlook.
According to addition accepted analyst, BTC’s on-balance aggregate (OBV) indicator shows that the cryptocurrency is assertive to see added downside.
He batten about this in a contempo tweet, adage he is now watching to see if it will alpha architecture a abject about $9,000.
It is a able achievability that Bitcoin won’t see any notable volatility until its account candle closes after today.
