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Reading: Was $70,000 the End for Bitcoin? Experts Warn of a Frightening Decline!
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EdaFace Newsfeed > Latest News > Bitcoin and BTC > Was $70,000 the End for Bitcoin? Experts Warn of a Frightening Decline!
Bitcoin and BTC

Was $70,000 the End for Bitcoin? Experts Warn of a Frightening Decline!

vitalclick
Last updated: August 22, 2024 9:53 am
5 months ago
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Bitcoin (BTC) has surged from $15,470 to the $70,000 threshold, up nearly 300 percent since November of last year. This impressive rise is now facing warning signals from leading technical indicators.

Bitcoin Signals “Overbought Drop”MACD and Ichimoku Cloud Indicators Also Confirm the Fall

Bitcoin Signals “Overbought Drop”

Fairlead StrategiesAccording to ‘s technical analysis, Bitcoin’s monthly stochastic indicator is currently signaling an overbought bearish signal, suggesting that bullish momentum is weakening. Stochastic oscillatoris a momentum indicator used to compare the current market value of an asset to its price range over a specific time period. The indicator fluctuates between 0 and 100, with readings above 80 indicating overbought conditions. An overbought bearish trend is defined as the oscillator turning down from the region above 80, indicating that the uptrend is weakening and price declines are possible. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!

Fairlead Strategies noted that Bitcoin’s 14-month stochastic has fallen below 80, and if this continues through the end of August, the overbought bearish signal will be confirmed. This could be a sign that the cyclical rally from the 2022 bottom is coming to an end.

On the other hand the biggest crypto moneyThe price rally has been stalled since March and the bulls have not been able to maintain a permanent hold above the $70,000 level. The trend line resistance is at this level on the monthly chart.

MACD and Ichimoku Cloud Indicators Also Confirm the Fall

This bearish signal is expected in the stochastic indicator MACD The MACD histogram is supported by shallow bars and a horizontal Ichimoku cloud. The MACD histogram is a widely used indicator to measure trend strength and changes. Crossings above and below the zero line represent uptrend and downtrend changes, respectively, and the height of the bars indicates the strength of the move. Ichimoku cloud is another momentum indicator.

Fairlead Strategies said these indicators are a sign of a “challenging period” for Bitcoin, with confirmation of the stochastic decline at the end of the month in particular being a strong signal that the market could be under more pressure in the short term.

The technical analysis provided by Fairlead Strategies regarding the current state of Bitcoin offers important warnings for investors to pay attention to and indicates that the market may witness sharp movements in the coming period.

Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.

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