Chart analysts expect bitcoin to revisit the $20,000 level as momentum indicators on its daily chart flash a sell signal. godbole17 reports
) recent technical failure at key price resistance has raised the risk of a deeper pullback, according to analysts studying price charts.
"Bitcoin has been unable to break out above trading range resistance near $25.2K, resulting in a whipsaw lower for the daily MACD," Katie Stockton, founder and managing partner at Fairlead Strategies, said in a note to clients on Monday, using the acronym for"moving average divergence/convergence," an indicator used to gauge trend strength and trend changes.
Meanwhile, the stochastic indicator, used to gauge overbought and oversold conditions, is yet to fall below 30, implying room for price declines. A reading below 30 indicates an asset is oversold and usually marks an end to price drops.
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