Bitcoin, at the time of penning down this article, was trading at $7,186.80. Important to note that the BTC price has hit a fresh weekly low around $6,400 in the past 24 hours. Currently, the coin’s momentum is correcting upwards, as it has again moved above $7,000.
Bitcoin has marked this fresh decline below $7,000 after a fortnight now. Accordingly, the market cap of the coin has also marked a notable decrease. However, the current price correction shows a positive movement at present.
Analyzing the 4-hourly movement of BTC/USD on Bitstamp, we see that the coin has been moving quite volatile in the given time frame. Bitcoin trading price also seems to form a declining price channel if it maintains the current momentum and trend of trading. The 20-day Bollinger Bands laid also confirm the upcoming volatility as the Bands widen. Also, the candles are seen hitting and breaking through the lower Bollinger Band.
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However, it is still supported by the short-term and medium-term MA, as the long-term MA is away due to the intraday fall in the price of BTC. At present, as per Bitcoin future price predictions, we foresee a tailing decline; therefore, we believe that if the coin falls further, investors should mark a stop loss and TP.
Technical Indicators:
The technical indicators laid confirm the bearishness due to intraday fall in the price, as the MACD of the coin is running below zero but holds a slight bullish crossover as currently, the price is above $7,000.
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The RSI of Bitcoin is at 52.54 and is seen trending upwards, marking away from the oversold region.
