Bear market indicators return as Bitcoin falls below $ 7,800
The weekend brought a little bit of hope, as the Bitcoin price temporarily exceeded 8 $, but the negative outlook has returned as BTC returns to 7. $ region has slipped. The longer-term chart indicators are currently showing bearish outlook.
Bitcoin under $ 7. 720
After a weekend of relative stability over 8 $ BTC has started to crash again toward the 7th 200 dollar and recorded thus a loss of 5 percent in the last 09 hours.
Bitcoin has reached its five-month low and the technical indicators look threatening. The weekly candle closed with a red doji, as Josh Rager emphasized, but the undecided formation is likely to be overruled by the bears this week.
$ BTC – That weekly doji candle pic.twitter.com/8GSFtckyei
– Josh Rager 📈 (@Josh_Rager) October 6 748751869
The fourth red week candle in a row, that has not happened for two years. In addition, BTC is now well below the not exactly optimistic. Trader ‘Cryptonaire’ pointed out that this is usually a sign of continued consolidation or further decline.
“NEVER $ Btc is above or below the 200 MA and had an immediate withdrawal. There is a the opposite direction works, even if it is only a wick. ”
The analyst ‘Crypto hamster’ made some similarities between the last extract
looks very similar to what we have now. ”
scale is different, of course). $ BCT $ BTCUSD #bitcoin pic.twitter.com/HFt0DfydlD
– CryptoHamster (@CryptoHamsterIO) October 6 748751869
The negative sentiment for Bitcoin is reflected in the dominance of the marketplace Percent has fallen. This could be good news for Altcoins, but at the moment they are also falling heavily this Monday.
Altcoins also with pain
Ethereum has fallen below big brother follows. The ETH and BTC courses were almost identical in the past week as the decentralized computer can not decouple from Bitcoin.
Ripple’s XRP keeps $ 0, but has not really shown a significant upward trend for most of this year.