Bitcoin (BTC) Likely Overextended, Could Fall to Low-$7,000s

Despite what some think, the Bitcoin (BTC) rally of 2017 wasn’t without its hitches. Over the course of the monumental year, during which BTC rose from irrelevance at $1,000 to the world’s hottest asset at $20,000, the cryptocurrency market was struck with crazy bouts of volatility. On some days, Bitcoin gained dozens of percent; on others, BTC stumbled, falling as a result of pure irrationality or bad news — namely China looking to ban cryptocurrency operations.

This, according to Twitter analyst TraderX0, resulted in BTC touching its 100-day exponential moving average (EMA) seven times during the last bull run. This continual support along a single technical trend is what defined 2017’s trend. The thing is, this time around, Bitcoin has yet to even flirt with the 100-day exponential moving average.

Original source

Add comment

Please Sign in to be able to leave comments.