Markets Update Long-Term Signals Suggest Bullish Bounce Imminent BTC

Many technical signals are indicating that the BTC markets may experience a bullish move in coming days following several weeks of heavy selling. Despite longer-term price action and stochastic RSI suggesting an oncoming move up, the immediate price action tells a more tenuous story – with BTC currently testing a critical area.

Longer-Term Technical Indicators Suggest BTC Bullish Bounce May be Imminent

The price of bitcoin appears to have established support at just above the $8,000 USD area, after having lost approximately 60% percent of its value from the all-time high of roughly $20,000 posted on December 17th, 2017 on Bitfinex.

Markets Update: Long-Term Signals Suggest Bullish Bounce Imminent for BTC

On the weekly chart, the current price action comprises a test of the 38.2% retracement area of the multi-year bull-trend, whilst the stochastic RSI for the weekly, 3-day, and daily charts currently sit below the 20 threshold. If resistance is able to hold at the current area, a major trendline starting from the September 2017 test of approximately $3,000 would appear to have been validated, adding to the confluence of signals indicating that counterforce may be imminent…

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