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Trader: Bitcoin's outlook is not exactly optimistic

Bitcoin hasn't done too well in the past few hours. As already reported, the cryptocurrency was only a few hours ago under the 6th 00 0 dollar mark fell and fell below this important psychological level for the first time in a week. Inwzischen was able to recover again and is currently at $ 6. 226 traded.

Due to the bearish development in the past few days and with a view to the end of the month, many traders expect the popular asset to continue to trend downwards in the coming days and weeks.

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The outlook of Bitcoin is not exactly optimistic

Filb Filb, the crypto-trader who launched Bitcoin's price campaign in the fourth quarter 2019 and January 2020 to the point recently predicted the graph below shared in the wake of the decline below 6. 00 $ 0.

Oof #Bitcoin pic.twitter.com/mmsg1U69 rx

– fil ₿ fil ₿ (@filbfilb) March 29, 2020

He also shared a chart with different time horizons in his Telegram group, of which 7 out of 8 charts output “short”, indicating that further downward movements are imminent in the Bitcoin and crypto market. The FilbFilb indicator already showed on 12. March (before the collapse of $ 7. 700 to $ 3. 800) that Short signal and advised traders to hold their positions in cash or to bet against the market with a short trade.

In addition to the bearish signs, a top crypto trader recently noticed that Bitcoin's daily chart is currently flashing three harrowing signs:

  • The Tom Demark Sequential, which is the highest level of Bitcoin in the year 2019 at $ 14. 00 0 and the low at $ 6. 400, recently issued a green “9” Candle light up, which indicates an impending reversal.
  • The stochastic RSI has experienced a bearish crossover, which indicates that the downward movement has not yet been completed.
  • The MACD histogram is currently declining and appears to be negative in the next few days.

In addition, Trader DonAlt, a pseudonymous analyst who described much of the recent downturn as “familiar”, recently shared with Bitcoin similar to the surrender of 12. March behaves.

Proof of text: newsbtc

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