A lot of investors love to make a lot of money investing in high-yielding things like bitcoins. However, they have to read the right information. Today, bitcoins are just trending lower. This situation happens from time to time, and investors tend to do certain things in these types of situations. In fact, a downtrend could happen, as any technical indicators are just pointing out this fact. We are going to let you know what`s going on with bitcoins today so you can make the right decisions at the right time as soon as possible.
Bitcoin Price is Trending Lower
If you see the short-term charts of bitcoin prices today, you will find out that the price of a bitcoin is trending lower on just its short-term charts. This follows a break below consolidation as well as reversal formations. Before getting its slide back, the price of a bitcoin could just pull up to its descending trend line on just the one-hour chart. You might even see a downtrend down the road, as technical indicators are just confirming this fact. You will also see that a bearish pressure is just getting stronger as the 100 SMA makes a crossover from the important 200 SMA.
Pushing for a Test
Plenty of sellers will be able to jump in the bitcoin game once the downtrend signal is over pushing for a test at $565. This price could also find resistance at this descending trend line that connects the latest price highs since Augusto 10. And this tends to lie up with a support zone just around $580. The moving averages could get some resistance from their dynamic inflection points due to a move just past this area. Since stochastic is heading up, it suggests that buyers are in control of this bitcoin price action just for now.
Reaching Overbought Region
If the oscillator reaches the important overbought area and just turns lower, sellers could end up taking over. You could even see a short break from the past lows if a stronger bearish momentum occurs, and a drop to just new ones could happen about $550. In addition, the dollar advanced against the price of bitcoins, though retail sales data in America just missed expectation Friday. This might happen due to investors` risk aversion. In these cases, many investors avoid the riskier and higher-yielding investments like bitcoins, so they love dollars.
As you can see, a wide array of investors a just pushing for a test in the bitcoin market so they can make the most money down the road. Remember that today`s short-term charts are just trending lower. The one-hour chart might also show a descending trend line in the price of bitcoin down the road. You might also see a lot of sellers jumping in as the downtrend signal is just complete. Bitcoin owners seem to be in control of the bitcoin price action since the important stochastic is just heading up today. Furthermore, bitcoin seems to be an important investment today and you should read as much as you can about it.