Since reaching a dominant position of 69.35% on October 27, Bitcoin’s dominance has fallen to 65.9%, and more and more traders seem to have turned their attention to altcoins. Because many traders are squeezing their moving averages over their long-term decline trend line and 200-day price. In the end, the problem here seems to be a lack of interest due to low transaction volume.
The long traders are pinning their hopes on the falling wedge of the BTC price breaking through a strong downward trend because consensus is that this particular pattern tends to produce bullish results. This is not the case. Bitcoin prices have fallen below the $7,981.
Currently, the support level of $8,300 has been reversed to the resistance level. Buyers pushed the bitcoin price up to $8,232 at low volume, and the moving average converges the MACD line to the signal line.
Bulls may try to push prices higher, but current trading volumes and relative strength indices (RSI) are below 30, dampening enthusiasm. If the buyer continues to push the price up, it will need to break through $8,300.
From the long-term downtrend channel, the BTC may fall to the $6,850 in the lower channel arm. However, this result seems unlikely because the weekly chart visibility range shows bitcoin prices from $8,250 to $7,900.
As mentioned earlier, Bitcoin trading volume needs to be increased, otherwise short positions may continue to drive down prices. At the same time, many tokens have taken attractive price actions in the past three weeks, which recently encourages everyone to pay attention to the altcoin.
The long traders are pinning their hopes on the falling wedge of the BTC price breaking through a strong downward trend because consensus is that this particular pattern tends to produce bullish results. This is not the case. Bitcoin prices have fallen below the $7,981.
Currently, the support level of $8,300 has been reversed to the resistance level. Buyers pushed the bitcoin price up to $8,232 at low volume, and the moving average converges the MACD line to the signal line.
Bulls may try to push prices higher, but current trading volumes and relative strength indices (RSI) are below 30, dampening enthusiasm. If the buyer continues to push the price up, it will need to break through $8,300.
From the long-term downtrend channel, the BTC may fall to the $6,850 in the lower channel arm. However, this result seems unlikely because the weekly chart visibility range shows bitcoin prices from $8,250 to $7,900.
As mentioned earlier, Bitcoin trading volume needs to be increased, otherwise short positions may continue to drive down prices. At the same time, many tokens have taken attractive price actions in the past three weeks, which recently encourages everyone to pay attention to the altcoin.