Bitcoin grows increasingly bearish
Cryptocurrency sees 100- and 200-period moving averages cross over
prices have taken a tumble, with prices down a further 3.03 per cent, following a 4 per cent fall on Monday November 19.
The lack of trader interest follows the Chinese president’s denouncement of cryptocurrency, which he labelled as “financial fraud”.
At the time of writing, Bitcoin’s price is $8,077.86 (£6,244.11, €7291.62). As a result, the 100- and 200-period moving averages crossed over on November 17, which indicates a long-term bearish trend.
The last time bitcoin endured a long-term bear cross, in early 2018, prices fell by up to 60 per cent.
Selling volume has risen to its highest in three days, which doesn’t bode well for Bitcoin’s future prices. Further losses will expose prices to the 100-period moving average, which is now at $7,520.
The daily and weekly RSI's are beneath the neutral 50, which also indicates a bearish market.
To show the bulls are stepping back in, bitcoin needs a closing price above $9,000.
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