Kataryna Kovtun June 19, 2020
BitXmi analysts: Bitcoin expects consolidation and bearish trend
Especially for you, the team of analysts at BitXmi daily analyzes the cryptocurrency market. We are pleased to share our findings with you to earn money together thanks to Bitcoin exchange rate analysis on the Bitxmi crypto exchange.
Over the past couple of weeks, Bitcoin has struggled to overcome the psychological barrier of $ 10,000. A short rally in the first week of June, which raised the rate to $ 10,200, left the $ 10,500 barrier unchallenged. Further rollback forced the BTC / USD pair to test support at the level of $ 9300. The recovery that followed was not strong enough to raise bitcoin above $ 9600.
At the time of writing, Bitcoin was trading at $ 9377, showing a slight loss of — 0.07%, support is set at $ 9300. An attempt to stay above the $ 9400 mark on Thursday did not bring the expected result. Now the prevailing trend is bearish, while volatility is low, so sharp price movements are limited.
Looking at the chart, Bitcoin has a bearish slope, mainly supported by the relative strength index (RSI) and moving average divergence (MACD). RSI is slightly negative, which means that there is no buyer pressure, so Bitcoin is above $ 9300. MACD also has a bearish divergence that underlines the growing bearish strength.
Studying this falling wedge model, the main mission of the bulls is to still break resistance at $ 10,000 and $ 10,500.
Traders Bet on a Decline in the Dominant Bitcoin Index
Many traders predict the imminent resumption of the so-called “alt season”, which will result in a drop in the Bitcoin dominance index. Now, this indicator is 65%. Over the past few months, BTC dominance has remained stable, with no significant changes in the indicator.
Observers believe that after the March collapse of the cryptocurrency market, investors began to massively exit bitcoin and other digital currencies. However, bitcoin still has significantly more capital left than in altcoins.
At the beginning of this year, this indicator exceeded 68%. Then, during the famous February race, the dominance index decreased to 62.5%. At the same time, the share of air on the market for the first time since June 2019 exceeded 10%.
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