Little Relief In Sight As Bitcoin Price Closes At 7.5-Week Low
The latest Bitcoin price analysis from coindesk.com, here’s the best tl;dr summary we could make:
Bitcoin suffered its lowest UTC close in over seven weeks on Wednesday, reinforcing the bearish view put forward by the rejection at the 50-candle moving average on the 6-hour chart yesterday.
A strong move above the 50-candle moving average on the 6-hour chart, currently at $3,434 will likely weaken bearish pressures and yield a corrective bounce to the resistance near $3,650.
With bitcoin closing yesterday at the lowest level in 7.5 weeks, the gradual sell-off is showing no signs of abating.
Further, BTC created a bearish lower high at the crucial resistance of the 50-candle moving average on the 6-hour chart.
BTC could soon challenge recent lows near $3,300 and may extend the decline toward the low of $3,100 seen in December.
As seen above, yesterday’s high and low engulfed Tuesday’s price action as indicated by a bearish outside candle.
Omkar Godbole’s original article for coindesk.com reduced by 56%
Related story: Bitcoin Price Analysis: Investors Grow Weary As The Battle To Hold At $3,421 Continues
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