RATE Group | Bitcoin’s “Supertrend” Flips Red as Price Fails to Surmount Low-$7,000s
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Bitcoin’s “Supertrend” Flips Red as Price Fails to Surmount Low-$7,000s

16 Dec Bitcoin’s “Supertrend” Flips Red as Price Fails to Surmount Low-$7,000s

Posted at 00:51h in Bitcoin News by

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According to a recent analysis done by Byzantine General, the SuperTrend indicator for the one-week Bitcoin chart has flipped red, meaning bearish, after a multi-month bullish period seen earlier this year.

As the trader illustrated in the chart seen below, the last two times the SuperTrend turned red on the weekly Bitcoin chart led to 80% declines over a number of months, suggesting that something similar can happen here unless bulls step in to save the day.

The fact that the SuperTrend is not bullish implies Bitcoin still has room to drop, which would give credence to theories that the bottom of the recent downturn is not yet in.

Per previous reports from NewsBTC, prominent trader Cold Blooded Shiller notes that Bitcoin is currently in a “markdown from distribution” near the $13,000-$14,000 top, a markdown contained by a…

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