Be brave: 4 reasons why Bitcoin will drop to $ 6000
Source:
Yesterday Bitcoin fall to 3-week low can give strength to the bears to lower the cryptocurrency even lower. On Monday, the coin failed to break above the 10-week exponential moving average. The result is a sharp drop to $ 6,100.
After draining the recoil, however it may not to save Bitcoin from the local downtrend. Because of four key reasons for the downtrend is likely to extend up to $ 6,000.
thea Break of the lower Bollinger band
Bollinger bands signaled about the sideways movement of the asset with another on September 22. The Bollinger bands are gradually tightened, which told about the imminent price surge. Unfortunately, the jerk was in favor of the bears — yesterday, the Bitcoin price broke the lower line of the indicator.
image Source — Coindesk
Things are not in the hands of the bulls. Often the breakthrough of the lower Bollinger band is the sign for the continuation of the downtrend.
theDrain on technical indicators
The RSI broke the rising trendline and fell into the bearish zone below level 50. However, he still directed down, so the bears have enough room to fall.
image Source — Coindesk
MACD says the same thing yesterday on this technical indicator held a bearish crossover.
thea Bad situation on a 1-month chart
In the long term, yesterday's fall put an end to the rollback of the cryptocurrency to $ 7,000. 1-the monthly chart a bearish crossover of the EMA 5 10 and gave confidence to the sellers.
image Source — Coindesk
Moreover, moving averages first time since September 2014 so much talking about draining the asset.
thethe Problems in the stock market
The Fall of Bitcoin up to $ 6,100 happened a day after the Dow Jones industrial average lost 800 points in just one week. Though the crypt is almost nothing to do with the traditional markets, the chart of Bitcoin exactly repeated movement of the Dow Jones.
image Source — Coindesk
The Argument that cryptocurrency could become a safe haven asset during the next financial crisis is not working. «hard time» most traders tend to buy more traditional assets like gold and other precious metals.
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