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Bitcoin Under Pressure, Faces Support at $30K
Contracting Bollinger bands suggest a big move is overdue.
Bitcoin's quick recovery from 2 1/2-week lows below $32,000 seen Wednesday doesn't seem to have inspired buyers. The cryptocurrency is currently trading 3% lower on the day near $31,750 amid fresh signs of bearishness in daily chart indicators.
STORY CONTINUES BELOW
- The 14-day relative strength index (RSI) has dropped below the two-month rising trendline. The pattern indicates that price consolidation may end with a bearish move.
- The MACD histogram, an indicator used to identify trend changes and gauge trend strength, is teasing a bearish crossover below zero.
- However, intermediate-term studies favor a bullish breakout from the ongoing price squeeze.
- On the higher side, the 50-day simple moving average at $35,240 remains the level to beat for the bulls.
- Contracting Bollinger bands suggest a big move is overdue.
Also read: Bitcoin Little Changed Amid Uncertainty in Release of Grayscale Shares
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
