RATE Group | Bitcoin Risks Tanking to 13-Month Low Even as Top Analysts Remain Bullish
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Bitcoin Risks Tanking to 13-Month Low Even as Top Analysts Remain Bullish

19 Mar Bitcoin Risks Tanking to 13-Month Low Even as Top Analysts Remain Bullish

Posted at 13:25h in Bitcoin News by

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Bitcoin prices remain vulnerable to more dives even as top analysts print a rosy picture for the cryptocurrency.

The bitcoin-to-dollar exchange rate appears trapped inside a technical range, dubbed as Symmetrical Triangle, since March 12. The pair is oscillating between two converging trendlines as it marches towards the Triangle’s apex. The pattern shows a weak buying demand near the Resistance and a similarly low selling pressure near the Support.

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BTC/USD stuck in Triangle’s range | Source: TradingView.com

Bitcoin’s hourly momentum indicator flashes a similar buying/selling sentiment. The cryptocurrency’s recent higher low formations have formed at the same time when its Relative Strength Indicator (RSI) nears or closes above the overbought threshold. Similarly, the RSI plunges into the oversold areas whenever price forms lower high.

A Bearish Setup in Play

Bitcoin’s price consolidation could exhaust upon reaching the apex of the Triangle – or before.

Such a scenario would…

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