Bitcoin (BTC) Price Analysis: Bears Still Not Done!

Bitcoin was previously trending higher inside a wedge pattern but has since broken lower to signal that sellers aren’t quite done yet. The wedge spans $3,700 to around $4,200 so the resulting drop could be of at least the same size. The 100 SMA crossed below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction from here. Price has dropped by around $300 so far and may still have some room to head further south. However, RSI is already in the oversold region and is turning higher to signal that sellers are exhausted and could let buyers take over. In that case, a pullback to the nearby resistance levels might be underway, possibly until the broken wedge bottom at $4,000-4,050. Stochastic is also in the oversold region to reflect exhaustion among sellers.…

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