RATE Group | Bull Case for Bitcoin Weakest Since February, Price Indicator Says
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Bull Case for Bitcoin Weakest Since February, Price Indicator Says

27 Jul Bull Case for Bitcoin Weakest Since February, Price Indicator Says

Posted at 00:12h in Cryptocurrency News by

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  • Bitcoin’s bullish momentum has weakened to five month lows, according to Chaikin Money Flow indicator.
  • That, coupled with the bearish lower highs pattern on short duration chart indicates BTC could fall back to the recent low of $9,049 and may even break lower.
  • BTC may bounce back to $10,300 if sellers again fail to penetrate the support at $9,600.
  • A UTC close above $11,120 is needed to revive the bullish view.

The bullish mood in the bitcoin (BTC) market is at its weakest in five months, according to key technical indicator.

The Chaikin Money Flow (CMF) study, which incorporates both prices and trading volumes to gauge trend change and trend strength, is currently seen at 0.02 on the three-day chart.

A positive CMF indicates bullish bias. However, the latest reading is the lowest since Feb. 20, which means the market is least bullish on the top cryptocurrency in five months.

Chaikin Money Flow

BTC was trading at $4,000 five months ago, while as of writing, the…

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