In my previous analysis titled Wide Divergences, I had pointed out some eerie disconnects between the Bitcoin price action and the technical indications. It is highly possible that the price eased a little in order to properly reflect the underlying technical considerations.
Bitcoin is currently trading down 1.32% at $275.99.
However, I am very concerned about the incessant crash in the momentum reading, which is worsening by the day. A decline in the momentum value in flat trading cannot bode well for the long holders.
Read below the technical observations of the daily BTC-USD price chart.
Bitcoin Chart Structure – Bitcoin’s latest attempt at scaling the highs was nullified by a strong selling pressure. The price slipped from a peak of $281 to hit a low of $275, thereby extending the sideways movement.
Moving Average Convergence Divergence – There is no respite in the MACD and Signal Line readings as well. MACD has prolonged its losing streak to the ninth straight day with the value dropping to 6.4500. The Signal Line has eased to 9.8195, keeping the Histogram in the negative