Price action suggests bitcoin is ready for another decline

05.02.2019 / 19:01

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After five consecutive weeks of loss, technical indicators show that the future for bitcoin is not very good.

Sentiment signals and indicators indicate an increased likelihood of bitcoin testing the December bottom at $ 3,136, which is almost a 10% drop from current levels. Trading currency has been in its narrowest since October, when bitcoin made a big drop.

A loss in bitcoin's price will most likely add to the other crypto-points that are usually influenced by the largest one. Bitcoin fell 70% last year as regulations tightened, which had a negative effect on the industry, and many new businesses started to release staff or stay out of business.

Source: Bloomberg Finance L.P.

Chart: Used with permission from Bloomberg Finance L.P.

Original Post: Bitcoin Technical Indicators Suggest and Retest of December Low

Trader Aleksandar Kumanov

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Price action suggests bitcoin is ready for another decline

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