Bitcoin’s breakout above the $ 50,000 mark didn’t last long, and chart patterns suggest that its rally has threatened to fade since July.
The largest cryptocurrency fell as much as 4.9% to $ 46,322 on Thursday, with other tokens, including Ether, falling along with the Bloomberg Galaxy Crypto Index. The decline reduced bitcoin’s rally from a July 20 low to around 60%.
Bitcoin was trading at $ 47,342at 10:10 AM. In New York.
John Bollinger, the inventor of the BollingerBands, suggested in a tweet to take or secure a profit. Katie Stockton of Fairlead Strategies namedDeMark’stime-to-market indicators as two-week”side-by-side” price indicators.
Two Charts To Help Summarize Bitcoin’s Current Situation.
Reduction in bandwidth
Reduction in Bollinger bandwidth on negative RSI
The narrowing of the BollingerBandsis a popular technical indicator that highlights volatility and indicates that the rally of Bitcoin is declining and the virtual currency machine has a resistance zone of 50,000 to 51,000 US dollars. the median line of the Bollinger study is around $ 46,700.
Time to Watch: $ BTCUSD Look closely, you might make some profit or hedge a little … Aggressive traders may be thinking about taking short positions. The Hodlers can watch, they can watch on lower levels when we see them. No confirmation yet, just stay tuned. #Bitcoin
A point-and-figure analysis highlighting price direction with no time dimension shows that Bitcoin is faced with the challenge of scaling the level around $ 50,940 on a closing basis. the bearish case.