Just read Bitcoin Price Outlook Worsens After Drop to Five-Day Lows

Bitcoin Price Outlook Worsens After Drop to Five-Day Lows

Bitcoin's (BTC) drop to five-day lows on Monday has likely emboldened the bears, technical studies indicate. More importantly, the drop witnessed yesterday signaled a revival of the sell-off from highs above $7,400 seen earlier this month. Nevertheless, with RSI at 34.00 (bearish and well above the oversold level), the bear flag breakdown could yield a drop to the August low of $5,859 in the near-term. The bearish outlook would gain more credence if BTC finds acceptance below the key trendline support, as seen in the chart below. ViewBTC risks a downside break of the pennant pattern in the next 24 hours, having suffered a bear flag breakdown yesterday.

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Wednesday, September 19, 2018