- Bitcoin’s downward trend has continued with its price dropping below $17,600 on Dec. 11, the lowest level since November.
- The correction seems to have started 10 days ago when the leading cryptocurrency touched a new all-time high. It has since gone down 10%.
- Recent news of a potential crypto regulation in the United States is bringing fear to the otherwise euphoric market. However, other markets have also suffered this week with equities also cooling off.
- Bitcoin’s 4-hour chart is implying a clear downtrend. Such a downward trend is confirmed by lower highs and lower lows.
- Bitcoin’s price couldn’t break through the all-time high region, after which $18,500-18,700 acted as a strong support area for a week.
- After three tests, the support failed, and Bitcoin’s price fell through to the next support level between $17,600-17,800.
- To become bullish, this zone had to flip for support, which it failed to do. This rejection confirmed the bearish support/resistance flip, after which the downtrend resumed.
- Read the full story here.
0 Comments
Matt Borelli
Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.
No time to read? Crypto articles too technical? Only want the facts?