Key technical indicator: Bitcoin may return to $ 7,300 soon
The price of Bitcoin stabilized after BTC dropped below 9. $ it appears that bulls have formed 8th 800 $ as a support level that could support BTC’s short-term stance.
It should be noted, however, that although BTC finds some support around its current price level, a technical indicator points to the possibility that the cryptocurrency will soon destroy all recent gains and move towards 7. $ could fall.
Bitcoin stabilizes after the recent decline
At the time of writing, Bitcoin trades at a current price at $ 8 800 $, a steep drop from its multi-day highs to nearly $ 9. 464 $ marked.
The recent bearish move came after 9 months of consolidation 00 $ and 9.
Since BTC lost its support at 9. Supports days and weeks.
Indicator notes difficulties with short-term price action by BTC
A key technical indicator, which is characterized by its accuracy in predicting short-term BTC trends, could cause short-term difficulties for the price action of the cryptocurrency, as it suggests that BTC will soon return to 7
. $ will go back.
This indicator, called the GTI Vera Convergence Divergence Divergence Indicator, shows that Bitcoin is currently poised to shift its recently established uptrend into a downtrend, leading to further losses.
This indicator was debated in a recent report in which the author states that “when this turnaround occurs,” the largest digital currency was the lows to be seen before its proliferating run, according to the comments of the Chinese president Xi Jinping could catch up again in October. ”
In addition, the report notes that “the GTI Vera Convergence Divergence Indicator indicates a reduction in the gap between the signal and vera line, suggesting that a trend reversal might be on the horizon”
As Bitcoin responds to its short-term support at 8. to develop next.
Text Proof: newsbtc