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

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.

Immediate BTC Price Action Tests Critical Area
Despite many longer-term signals indicating the likelihood of an impending bounce, immediate price action transversely shows that further bearish momentum may be a possibility. As of this writing, the bitcoin price appears to have dropped just below the immediate ascending trendline from the local low of $8,000, in addition to the descending trendline from approximately $12,000 that BTC appeared to have broken earlier today.

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Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.” The post Markets Update: Long-Term Signals Suggest Bullish Bounce Imminent for BTC appeared first on Bitcoin News.
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