Bitcoin price: it is possible to drop to $ 5000

Bitcoin price: it is possible to drop to $ 5000

Bitcoin price: it is possible to drop to $ 5000

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Bitcoin price: a fall to $ 5,000 is possible. 14-day RSI shows a bearish divergence, which is an early herald of correction. Thus, the price of Bitcoin may soon fall to $ 5000.

Nevertheless, the rebound from the 30-day moving average at $ 4,969 will confirm the short-term growth, says Omkar Godbul, analyst at CoinDesk Markets. On April 1, the price of Bitcoin overcame the psychological threshold of $ 5,000 and continued to rise to $ 5,400. Then the 14-day RSI reached a value of 89.11 – the highest since the rally in December 2017.

Against the background of overbought, the first cryptocurrency slipped to $ 4,912, and then again updated the five-month maximum at $ 5,627. However, on the daily chart, the RSI indicator has formed a bearish divergence, which speaks in favor of the correction. Data CoinDesk Markets A similar situation has already occurred in May last year.

After the bear divergence at the RSI was recorded, Bitcoin lost 38% of its value within two months. Similar patterns were seen in December and September 2017. CoinDesk Markets data However, according to Godboul, the long-term picture is in favor of the bulls until the price has fallen below $ 4,236. At the moment, Bitcoin is trading near the $ 5,500 mark.

Bitcoin price: it is possible to drop to $ 5000

 

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