In light of a modest 3 percent decline within the previous day, digital currency trader and analyst Ali Martinez has taken to Twitter to explain his belief that bitcoin’s price will likely continue its downward trend.
Martinez points out the leading digital currency seems to be losing support from critical levels, increasing the potential of a whole lot of price correction. There is a whole lot of demand barrier betwixt $23,200 and $24,000, where 340,000 Bitcoin was purchased by 850,000 investors, totaling $8,946,930,000.
Trader Peter Brandt and other specialists echo similar sentiments, indicating that bitcoin’s descent on the price chart may persist. Brandt recently identified a developing “flag” pattern on a Bitcoin chart, suggesting that a further correction may be expected.
Bitcoin, currently worth $26.200 as of press time, had dropped by 3.9 percent in price valuation within 24 hours of trading, reports by stats provided by CoinMarketCap.
BTC’s volatility levels are relatively moderate as the Bollinger bands, used in estimating volatility of the market levels, maintain an average distance away from each other.
The relative strength indicator likewise moves below its average line as Bitcoin (BTC) bears push for the oversold region.
