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Bitcoin Under Pressure, Faces Support at $30K
Contracting Bollinger bands suggest a big move is overdue.
Por Omkar Godbole
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.
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- 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.
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Also read: Bitcoin Little Changed Amid Uncertainty in Release of Grayscale Shares
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