Analysts Explain Why Bitcoin Bearish Correction Could Turn Worse

2020 09 22 12.50.59 980x413

Bitcoin is trading almost 17 percent below its year-to-date high near $12,500. And, according to analysts at TradingShot, the downside bias is about to turn a lot worse. The independent market analysis portal spotted the benchmark cryptocurrency testing the support of a medium-term Ascending Channel. At the same time, it highlighted BTCUSD’s latest plunge below its 50-day moving average wave – an otherwise concrete price floor. A Bearish Setup Analysts placed a Fibonacci Retracement graph on the top of its Ascending Trendline and 50-WMA narrative. The multi-level diagram revealed crucial resistance and support levels as BTCUSD heads lower. TradingShot had used similar graphs in the past to determine Bitcoin’s pullback lines accurately. Bitcoin price setup by TradingShot following its latest plunge. Source: TradingView.com “If we look back at the two time periods Bitcoinwe investigated on that study (April 18, July 08), we will see that after they got rejected,” explained…

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