RATE Group | Bitcoin Price’s November Close Triggers Medium-Term Sell Signals
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Bitcoin Price’s November Close Triggers Medium-Term Sell Signals

02 Dec Bitcoin Price’s November Close Triggers Medium-Term Sell Signals

Posted at 00:50h in Bitcoin News by

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Earlier today, NewsBTC reported that CryptoThies, a popular analyst, noted that the Chaikin Money Flow (CMF) for Bitcoin was trending positive. The CMF, an oscillating indicator that is derived from the MACD to signal market strength, suggested that “smart money is just now flowing into the market and is trending upwards,” indicating that the cryptocurrency could begin to bounce and form a positive trend heading into 2020.

Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Futures Surge, UpBit Hacked for $50 Million in Ethereum, US Arrests Blockchain Researcher

Though it seems that the close of the November monthly candle for Bitcoin has changed the state of the cryptocurrency market. In fact, the close of the November candle and open of the December candle, analysts say, imply that BTC will soon restart its medium-term downtrend, which could easily bring it back to the $6,000s, maybe even lower.

Harrowing Signals on Monthly Bitcoin Candle

Trader Byzantine General recently noted…

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