How Low Can Bitcoin Go?
#Bitcoin, Ether, and “a few others” will likely follow the path of Amazon and eBay and continue to see their valuations rise.
Those with a little more skin in the game, such as Shayne Heffernan, view the recent drop as a healthy price correction and Heffernan hinted that there is a possibility of BTC dropping as low as $25,000 before resuming its upward trek.
The traditional financial sector also found itself under pressure on Monday as the political situation in the United States continues to generate tension and uncertainty about the future of the country and the economy.
The S&P 500, Dow, and the NASDAQ all finished the day in the red, down 0.66%, 0.29%, and 1.55% respectively as big-tech and the FAANG stocks hit their lowest levels since Nov. 26.
Bitcoin closed up 1,688.039 at 35,639.539.
Volume was 24% below average (neutral) and Bollinger Bands were 233% wider than normal.
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the bullish or bearish trend reflected in the lower ribbon.
Summary
Bitcoin is currently 139.4% above its 200-period moving average and is in an upward trend.
Volatility is extremely high when compared to the average volatility over the last 10 periods.
There is a good possibility that volatility will decrease and prices will stabilize in the near term.
Our volume indicators reflect moderate flows of volume into Bitcoin (mildly bullish).
Our trend forecasting oscillators are currently bullish on Bitcoin and have had this outlook for the last 27 periods.
Overall, the bias in prices is: Upwards.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles.
During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.
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