RATE Group | Bitcoin Risks Drop to $8.7K as Accurate Fractal Flashes Sell-off Sentiment
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Bitcoin Risks Drop to $8.7K as Accurate Fractal Flashes Sell-off Sentiment

24 Feb Bitcoin Risks Drop to $8.7K as Accurate Fractal Flashes Sell-off Sentiment

Posted at 12:21h in Bitcoin News by

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Bitcoin is risking massive price declines below $9,000 as a historically accurate fractal indicates traders’ sell-off sentiment.

The benchmark cryptocurrency’s tendency to retest the $8,750 level increased after it confirmed a bullish reversal pattern last week. Dubbed as Doji, the indicator is typically a session wherein an asset’s candlestick has almost the same opening and closing rate. Technical analysts treat it as a sign of trend reversal.

Bitcoin’s last week’s performance saw it open the market at $9,920 and close it near $9,965, according to data fetched by Coinbase exchange. Meanwhile, the cryptocurrency began in a negative area heading into the new week today. The entire price action appeared as a reminiscent of a similar move back in May 2019.

bitcoin, cryptocurrency, crypto

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