Last week, the world’s leading cryptocurrency, Bitcoin, came too close to losing an area of ​​$18,000 due to a surge in inflation data. However, the leading cryptocurrency has managed to open the week on a positive note. However, the global crypto market capitalization is still below $1 trillion.

Bitcoin is currently trading at $19,510 after an increase of 1.93% in the last 24 hours. Meanwhile, the same goes for Ethereum, Cardano, Solana, Polygon among others.

On the other hand, cryptocurrency traders have now turned to technical analysis (TA) to understand the indicators that indicate the future days of a coin.

Bitcoin to see massive selling pressure

According to technical analyst, Matthew Hyland, the first indicator is the relative strength index (RSI) and the 3-day RSI of Bitcoin indicates an uptrend. If Bitcoin price and RSI are combined, there is an indication of massive selling pressure.

RSI is basically an indicator that tracks price fluctuations to understand if the currency is overbought or oversold. It is currently pointing towards overbought above 70, which suggests selling.

The analyst states that the current movement of Bitcoin is very similar to that of 2018, during which the 3-day RSI increased and BTC formed a descending triangle in October. This type of formation is a bearish move signal indicating a short position.

Meanwhile, another analyst, Josh Rager, indicates the formation of a bouncing ball pattern, which suggests that there will not be any good days for Bitcoin in the coming days.

However, it is important to do your research before investing in any of the cryptocurrencies amidst such volatility.

Was this writing helpful?



This post Currently, Bitcoin is similar to the price movement of 2018

was published first on https://coinpedia.org/bitcoin/currently-bitcoin-is-similar-to-that-of-2018-price-movement-here-is-why/

Author

Write A Comment