Bitcoin does not show persistent signs of weakness since he is able to achieve a clear upward momentum.BTC is now moving in the lower area of its long-standing Trading range, and it remains unclear how long this support will last.Bitcoins recent decline has taken him from a technical point of view, weak.A crucial indicator that was in the past few months, bullish, just fell on bearish.It is the first Time since just before the collapse of the crypto-currency in the middle of March, as BTC 8,000-Dollar-Region to a Low of 3,800 US Dollar has crashed.
Bitcoin has experienced in the last days and weeks of a decline in technical strength. This weakness is due to the fact that BTC was in the last few days, largely over its lower range limit.
BTC was not in the position to experiencing a decisive upswing in this Region, although he was briefly pushed under his support.
How he develops in the next time, will undoubtedly be the result of his reaction to the 9,000-Dollar range.
An indicator that has just been turned into a Negative, seems to indicate that a fall below this crucial support is imminent.
The last Time this indicator has turned from bullish to bearish, it was just before Bitcoin crashed in March of over $8,000 to a Low of $3.800.
Bitcoin is weak – technical prospects
At the time of writing, Bitcoin is trading at its current price of 9,200 US dollars. This corresponds approximately to the level at which it was traded in the course of the last day.
It seems that the further development depends largely upon how much Bitcoin reacted to the strong support that exists just below the current price.
An Analyst commented on an observed bearish scenario, according to the BTC again 9.500 $ test to print a lower High and then up in the middle of 8,000 $-the area of crashing.
“BTC LTF-Update: This would be the declining scenario, I would observe, in the course of the coming day… we could probably see another re-Test at $9500, since it is printing another lower High… I’ve been watching this Chart very closely”
Image courtesy of Cactus. Chart on trading view.
Key indicator poses a problem – where is BTC now?
Since Bitcoin from its lows in mid-March, has recovered, the clouds of the indicator, the Benchmark crypto currency bullish – and has helped him to establish a clear upward trend.
The inability to make the $10,000 mark to break through, and the more-week Phase of the tight Trading Range have led to the fact that this indicator was for the first Time since his crash a few months ago back to bearish.
An Analyst has shared a graphic that shows this Trend and the historical significance of a decline in the clouds reversal marked.
Image courtesy of Teddy. Chart on trading view.
If Bitcoin does not rise higher, and this exhausted, could prove to be the July as a turbulent month.