RATE Group | Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K
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Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

21 Feb Bitcoin Chart Indicator Flips Bearish as Price Sees Weak Bounce From $9.4K

Posted at 13:50h in Bitcoin News by

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Bitcoin’s lackluster recovery from price support around $9,400 is struggling to gather upside traction amid bearish developments on the short-term technical charts.

The
top cryptocurrency by market value fell by 5.5 percent on Wednesday to register
its biggest single-day drop in three months.

Sellers, however, failed to keep prices below the widely tracked 200-candle average support on the 4-hour chart (currently at $9,400). That level was defended again on Thursday.

So far, however, the repeated defense of that level has failed to yield a notable price bounce, leaving the cryptocurrency below the resistance of the 5-day average at $9,750.

A significant recovery may remain elusive, as the daily chart’s money flow index (MFI), a momentum indicator that incorporates both price and trading volumes, is suggesting increased selling pressure with a below-50 reading.

The MFI dropped below 50 on Thursday and is currently seen at 43.00, the lowest level since Jan. 2. As a result, the risks…

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