BitcoinPenjualan
Bitcoin’s big breakdown: Will we retest the June lows?
After trailing this summer’s recovery rally in the correlated Nasdaq 100, Bitcoin is now underperforming the tech-heavy index to the downside.
After testing its 50-day EMA last week, BTC/USD is currently trading down by 8% on the day to approach its 1-month low in the $20,750 area. More importantly, the cryptocurrency is set to break below the rising channel off it’s mid-June lows. Combined with the simultaneous breakdown in the 14-day RSI’s rising channel, today’s selloff suggests that the medium-term downtrend has likely resumed after this summer’s bounce.
To the downside, the next levels to watch are the aforementioned late-July lows at $20,750, followed by the early-July lows near $18,750. A break below that level would likely trigger stops for a quick run below $18,000.
Meanwhile, bulls would need to see a sustained break back above the 40-day EMA before having any confidence in a stronger bounce.
After testing its 50-day EMA last week, BTC/USD is currently trading down by 8% on the day to approach its 1-month low in the $20,750 area. More importantly, the cryptocurrency is set to break below the rising channel off it’s mid-June lows. Combined with the simultaneous breakdown in the 14-day RSI’s rising channel, today’s selloff suggests that the medium-term downtrend has likely resumed after this summer’s bounce.
To the downside, the next levels to watch are the aforementioned late-July lows at $20,750, followed by the early-July lows near $18,750. A break below that level would likely trigger stops for a quick run below $18,000.
Meanwhile, bulls would need to see a sustained break back above the 40-day EMA before having any confidence in a stronger bounce.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.