Kriptokoin.com – According to some analysts, the Bitcoin price is entering a narrow range to do better in the last three months, and the crypto community expects the leading crypto currency to make its next move and determine its trend for the coming year. The bulls could not bring the price to new levels, but the bears were equally unsuccessful in supporting Bitcoin in the low $ 9,000 range. However, according to analysts, Bitcoin's daily chart has now shown a hidden drop signal, which may indicate that bears can win the war in the short term.
“Hidden downward trend” appeared in Bitcoin price charts
Crypto analysts and Bitcoin traders often perform detailed technical analysis to help them identify trend changes or predict future price movements. In addition to drawing lines and figures on graphs, these analysts often use auxiliary indicators and oscillators to assist in determining a trading strategy. One of the most popular indicators is the Relative Strength Index (RSI). Now, this indicator gives a signal to Bitcoin, called a “hidden downward trend dür suggesting that further downward movement may be expected in the coming days.
The latent downward trend emerges when the Relative Strength Index gains a new value and the price fails to do so. This shows that the price movement does not accurately reflect the purchase pressure specified by RSI and that the bears have control over the price movement. RSI deviations are among the most popular tools of the crypto analyst in identifying potential trend changes and can be used to predict peaks and bottoms. Most analysts do not recommend taking positions because of a hidden bearish signal. In addition, analysts say investors should keep these in mind when looking at general analysis and price movements before starting trading.
Hidden bearish RSI divergence on a daily time frame.
Alarm! $ BTC $ BTCUSD #bitcoin pic.twitter.com/RhyH5TxMEJ
– CryptoHamster (@CryptoHamsterIO) September 10, 2019
Bears can drag Bitcoin to $ 7,000! But the bulls attack
Crypto analysts have a different opinion on how much Bitcoin price is in the form of trading. Some say this hidden signal is a bullish flag, a symmetrical triangle, or even a descending triangle, and each proposes a different breakout scenario. If the RSI's hidden decline occurs, according to some analysts, the price of Bitcoin is expected to fall from its multi-month structure. Targets based on these structures are expected to be around $ 7,000.
However, before achieving such a goal, the bears will have to lower their Bitcoin prices to less than $ 10,000, then receive additional support for $ 9,000. The buyer is said to be waiting to buy the $ 8,500 decline, so even if the bearish deviation disappears and each of the above mentioned price supports is broken, the Bitcoin price may still not reach some of the high-level bearish targets. Because the bull market has proved that every drop in the Bitcoin price is harshly bought by the bulls.
$ BTC update: are we bearish or bullish? 10.2K did hold but 10.5K did not. We got a gap sitting at 11.7K.
My fingers are itching for a long. However, going sideways for now. Break 10.2K and I'll be looking for shorts all the way down to 9.7K and 9.4K. Longs: break and hold 10.5K. pic.twitter.com/uklpırmu45
– Nika (@G_maker) September 8, 2019
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