RATE Group | Analysts Now Wary of Return to Bear
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Analysts Now Wary of Return to Bear

02 Nov Analysts Now Wary of Return to Bear

Posted at 04:36h in Bitcoin News by

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Since topping at $10,500 last week, Bitcoin (BTC) has been in a relative state of calm, trading within a tight range between $9,000 and $9,500. Despite this consolidation above the 200-day moving average, which many analysts would call more bullish than bearish, some fear that the crypto market’s charts are flashing warning signs. They claim that a decline from here is likely.

Related Reading: Bullish for Bitcoin? Analyst Warns of Growing Motives for Global De-Dollarisation

Bitcoin Flashes Warning Signs 

An analyst going by James recently drew attention to an array of reasons why it may be logical to be bearish on Bitcoin. He noted that BTC’s three-day Relative Strength Index remains in “bear market” territory, while the recent move higher was a textbook signal for a trend continuation. He added that there also exists two hidden bearish divergences on the one-day chart, implying a further breakdown.

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