RATE Group | Crypto Technicals Flash More Pain Ahead, Eye Bitcoin at $4,000
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Crypto Technicals Flash More Pain Ahead, Eye Bitcoin at $4,000

09 Aug Crypto Technicals Flash More Pain Ahead, Eye Bitcoin at $4,000

Posted at 13:37h in Bitcoin News by

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The cryptocurrency sell-off that has shaved $600 billion from the value of digital coins since January has technical analysts warning against pouncing on the dip. Bitcoin fell on Thursday, suggesting traders are listening.

A gauge of the 10 biggest, most liquid digital coins dropped to its lowest this year on Wednesday, triggering a flurry of technical studies. While Bitcoin, the largest cryptocurrency, hasn’t hit a fresh trough since June 29, it’s attracting bearish calls as it slips below its 50-day moving average.

The digital token has failed to trade above widely followed retracement levels despite a smattering of good news, such as reports of greater interest from Wall Street in providing services for cryptocurrency trading. Bitcoin dropped 0.9 percent to $6,262 as of 9:02 a.m. in New York.

“Expect further testing of next support level, starting at 6072 followed by 5775,” Rob Sluymer, a technical…

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