Bitcoin (BTC) dropped to its lowest level since October 2017 on Monday, as losses are seen across the broader crypto market.
If past events are a guide, bitcoin could in for a recovery rally, following the formation of a “long-legged doji” on the charts Thursday.
Bitcoin is looking oversold after a drop to 13-month lows Wednesday and could defend immediate support at $5,000 in the next few days.
Bitcoin’s (BTC) price woes may not be over just yet, as a specific “death cross” indicator is about to reoccur for the first time in four years.
Bitcoin’s price dropped to two-week lows earlier today and could extend the decline to key support near $6,100.
Bitcoin could be in for a recovery rally, having defended a key support level over the weekend.
Bitcoin’s reversal of the recent uptrend in prices is gathering pace and a drop into a bearish territory below $6,200 is now a possibility.
Bitcoin is painting a less bullish picture than 24 hours ago, following a drop out of an ascending price channel.
Bitcoin looks likely to inch higher toward $6,800 in the near-term, as the technical indicators have grown increasingly bullish in the last 24 hours.
Bitcoin’s long-awaited bullish reversal could gather steam once prices cross key resistance near $6,650.