Technical Analyst Gives Crucial Update On Bitcoin’s Price

Posted by

Bitcoin‘s 30% price decline over the past month has brought a swift bear market to cryptocurrency, but prices are beginning to stabilize, according to infographics seen by flipmemes.

An analyst, Stockton has said in a podcast that short-term momentum for bitcoin has neutralized after being bearish for a number of weeks.

That’s a good sign for crypto bulls as bitcoin consolidates above its initial support level of $44,200, which represents a 61.8% Fibonacci retracement level.

“An improved daily [moving average convergence divergence] and short-term oversold conditions suggest bitcoin could see stabilization around initial support in the days ahead,” Stockton explained.

Leave a Reply

Your email address will not be published. Required fields are marked *