THELOGICALINDIAN - After carefully adhering 8000 for three or four hours Bitcoin assuredly absent the abutment of 8000 aloof account ago coast as low as 7900 as of the time of this accessories autograph and per abstracts from TradingView
Per data from Skew.com, this latest leg lower, which is the fifth of its affectionate in the accomplished day, has apparent $20 actor account of BitMEX longs liquidated, acceptation that over $200 actor account of such positions accept been asleep aural the accomplished 24 hours. Ouch.
This move comes as all-around markets accept collapsed off a cliff, so to say, with the futures of the S&P 500 and Dow Jones already bottomward 5%, endlessly at this akin of accident because of limits. Oil is bottomward 30%, falling as a amount war begins amid the world’s better oil producers, including Saudi Arabia and Russia.
Gold, unsurprisingly, has rallied amidst this weakness in all-around equities and commodities, surmounting $1,700 for the aboriginal time in years. Though, Bitcoin has been falling, assuming that there may be some flaws in the agenda gold narrative.
What’s Next for Bitcoin?
Analysts are currently disconnected over area Bitcoin will arch next. Right now, best assume to be assured lower prices, though, namely because BTC is currently trading like a risk-on asset, acceptation that it should abide to abatement in bike with the banal bazaar and added arch assets.
Some, however, are assured the asset to anon acquisition support. Josh Rager, a arresting cryptocurrency trader, afresh remarked that Bitcoin has a Point of Control and a akin of accumbent abutment amid $7,700 and $7,995, acceptation that it could bolt a bid in this region, abacus that a animation to a $8,550 could be had.
Also, aloof above-mentioned to this latest leg lower, CryptoHamster remarked that Bitcoin is attractive acutely oversold, with a cardinal of bullish divergences basic on the one-day blueprint with the Stochastic, MACD, MFI, EFL, Fisher, and added key indicators.
#Bitcoin is oversold.
Also, there is a aerial abeyant for bullish divergencies on a circadian TF:
– Stoch.
– Stoch. RSI
– MACD
– MFI
– EFL
– Fisher Transform
– Klinger Oscillator
Let's delay for a circadian candle abutting – 8000$ should hold, contrarily divergences are invalid.$BTC $BTCUSD pic.twitter.com/azXghbOBMI— CryptoHamster (@CryptoHamsterIO) March 9, 2020
