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Bitcoin Price Might Pull Off Short-Term Recovery
Coindesk’s technical analyst Omkar Godbole believes that Bitcoin could still jump higher in the short-term before capitulating. His analysis shows that the BTC price could surge to $8,700 in the short term.
Yuri MolchanA dead cat bounce
At the time of writing, Bitcoin is trading at $8,301, which is below the current 200-day moving average of $8,322.
The Bitcoin price has already crossed below the 200 MA since the brutal 15 percent drop, but it never stayed there for a long time. However, if there a UTC close below this major support level, the anticipated descent to $7,500 would be pretty much confirmed.
As reported by U.Today, trading expert Josh Rager predicted that altcoins could drop by more than 20 percent one more time in case of another major BTC price drop.
Alex DovbnyaAn ominous sign
While many are certain that Bitcoin’s recent drop could be simply a bump in the road, there is a good chance that the Bitcoin bull market might have been very short-lived. The relative strength index (RSI) might be the writing on the wall.
Here's an oversimplified viewpoint for you.
— James (@coinzada) September 25, 2019
Notice that RSI?
Btc isn't "supposed" to go below it in a bull market. pic.twitter.com/GfRREpV3iZ
Plan B, the creator of the Bitcoin stock-to-flow theory, noticed that the RSI stays in the 50-80 range during the previous bull market. However, following Bitcoin’s rapid plunge below $8,000, BTC’s 14-day RSI dropped below 50 for the first time since April.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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