RATE Group | Bitcoin Momentum Points To Continued Downtrend Short Term, Medium Term Trending Up
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Bitcoin Momentum Points To Continued Downtrend Short Term, Medium Term Trending Up

06 Nov Bitcoin Momentum Points To Continued Downtrend Short Term, Medium Term Trending Up

Posted at 19:15h in Bitcoin News by

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Bitcoin yet again finds itself at a critical junction – one that may set the trend ahead for the coming days or weeks, and make the difference between a new bull run or a fall back into a bear market.

A momentum indicator may provide hints as to what Bitcoin may do in the short-, and medium-term, and could help clear up the current confusion across the crypto market.

Bitcoin Trend Indicator Sends Mixed Signals

Price action in Bitcoin markets has been confusing, to say the least. When traders were most bullish and expecting a new all-time high to be set, the crypto asset crashed below $10,000 and fell to the low $7,000 range.

Once there, the market turned bearish, then the first-ever cryptocurrency went on to set its third-largest single-day gain in the asset’s short decade-long history, skyrocketing from $7,400 to $10,500 in a short squeeze of epic proportions.

Related Reading | Bitcoin Monthly Close Keeps Bull Flag Formation Intact, Target Over $14,000 

Since then, though, Bitcoin…

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