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Bitcoin Falls As Technical Indicators Point To More Pain In 2019

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Summary:

Bitcoin is stuck in a stiff downward momentum and could see its price drop to $1,500, said Bloomberg analyst Mike McGlone. ‘€œThere’€™s little to prevent fading bitcoin prices from reaching the continuous mean of $1,500’€, he said. ‘€œA rush to the exits among investors seems to be in place.’€ McGlone said this as volatility in Bitcoin picked up following a short period of stability. The price per bitcoin fell from $9,300 in May to $6,600 in July, and fell several times below $3,800 today.

Questions:

  • Will Bitcoin prices drop to $1,500?

Article:

Bitcoin is turning negative again. And the technicals aren’t looking too good either going into 2019.

The largest cryptocurrency decreased to $3,668.09 on Wednesday by 5.9 percent, approaching the $3,522.58 decrease of more than a year on November 26. After a few days of relative stability, volatility increased again following the November plunge, which was the largest monthly decrease in over seven years.

Bitcoin is caught in a strong selling trend — its most pronounced since the sell-off it underwent mid-year, when the price dropped from about $9,300 in May to about $6,600 in July, according to the Directional Movement Index. If this plunge is an indicator of how things could go, Bitcoin could be in for a continuous route.

Read More: https://www.bloomberg.com/news/articles/2018-12-05/bitcoin-technical-indicators-point-to-more-pain-after-tough-year

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