Bitcoin is Coiling Up for a Massive Downside Movement; Here's Why
• Bitcoin is now inching down towards its crucial near-term support at $9,000, with bears placing enough selling pressure on the crypto to jeopardize its consolidation phase
• BTC has broken below this level on previous occasions, although each journey into the upper-$8,000 area has proven to be short-lived
• There now appear to be multiple signs suggesting that BTC is preparing to make a massive downside movement
• This move, should it happen in the near-term, could pierce a crucial technical support level, and kick off a mid-term downtrend
Bitcoin and the aggregated cryptocurrency market are beginning to show some signs of weakness after a week-long bout of incredibly tight trading around $9,000.
BTC is now resting just a hair above its range lows at $9,000, and buyers are ardently attempting to thwart a decline beneath this level.
It is essential to keep in mind that this level has been broken on multiple occasions throughout the past few weeks, but the substantial support in the upper-$8,000 region has made these movements fleeting.
In the near-term, analysts are closely watching Bitcoin’s OBV indicator and its Bollinger Bands for insight into where it may move next.
Both of these indicators suggest further downside is imminent.
At the time of writing, Bitcoin is trading down 1.5% at its current price of $9,020.
Over the past week, the benchmark cryptocurrency’s price has been incredibly stable at around $9,100, forming a range between $9,000 and $9,300.
The slow descent ...
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