The negative trend of the last few days reached a new low point: The price of Bitcoin fell below US $ 7,000. How will it go further?
The fever, which the Community recognized in the context of the Bitcoin ETF, has developed to be a General fatigue. After the course was testing the 8,400 US dollars, he knew only one Direction and that was down. So the Bitcoin price dropped at least briefly below the since the end of January 2018 current downward trend.
In addition, the Bitcoin is a course under the moving MA20 average in the weekly chart, which is a good measure of the long-term evaluation of the market situation:
You see: Bullish the Situation is not! Currently it looks like a Reprise of the situations in February and the beginning of April, as the price of Bitcoin fell short after a Test of the MA20 dramatically.
Taking into account that also the RSI is on the daily chart is far from Oversold it looks at the moment, according to a further descent.
There is hope, however: The rate is under the MA20, however, the distance is short. There must be, but then buyers are active!
The Charts this time were created exceptionally with the program trading view on the iPhone.