The price of Bitcoin reports a decline of -5.92% which drags the value below $ 7560.
The price of Bitcoin is beginning to break the support of its symmetric triangle to indicate that a downward trend is underway.
When approaching the longer-term charts, you can see that this triangle could be a bearish flag formation, which usually indicates the continuation.
The technical indicators show that the bearish momentum could stay in play a little more.
The price of Bitcoin is breaking below its symmetrical triangular support to indicate that a bearish trend is about to occur.
The 100 SMA is below the 200 SMA in the longer term to indicate that the path of least resistance is to the downside. In other words, the mass sale is more likely to continue than the other way around. The 100 SMA was also recently held as a dynamic resistance.
The stochastic has left the oversold region but seems to be changing its mind before obtaining a bullish traction. This suggests that the bears are still trying to endure a stronger fight. RSI has more room to fall before reaching oversold conditions or showing that sellers are tired.
Liquidity is expected to decrease in the coming days as most operators are enjoying the Easter holidays. This could also mean potentially more volatile movements since the price could be more sensitive to headlines and smaller positions.
Risk aversion seems to be leaving a mark on the markets as traders continue to fear geopolitical risks arising from trade negotiations and Trump’s meeting with the leader of North Korea. However, a return on the assumption of risk could be bearish for the dollar and positive for the price of bitcoin.
Twitter has moved to ban ICO ads on its platform, leading to speculation about lower interest and activity of investors. Reddit has also disabled bitcoin payments.
In longer-term charts, traders are also anxious for the formation of the cross of death, which is a cross between the SMA 50 in the 200 SMA, which generally gives way to a boost of higher sales.