This Technical Indicator is Signaling Bitcoin Could Soon Reel Towards $5,000

shutterstock 536595712 1 630x420 1

Bitcoin recently faced a rejection at $9,500 that appears to be a grim sign for its macro outlook The cryptocurrency has since reeled back within its long-held trading range between $9,000 and $9,300 How it trends next will likely depend on its reaction to this trading range Because BTC posted a failed breakout attempt, it is likely weaker now than it was during its last bout of prolonged consolidation at its current price levels One analyst is now putting forth a chart showing that the crypto could soon see a significant decline The indicator he uses is even suggesting BTC could tap $5,000 Bitcoin is currently consolidating following its latest rejection. Buyers were able to push it as high as $9,500 earlier this week before they lost their strength. In the time since, the cryptocurrency has been sliding lower, and there’s no end in sight to its current bout of…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE