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Bitcoin Technical Indicators Point to More Pain After Tough Year

From bnnbloomberg.ca

After an extremely painful year for Bitcoin, the technicals aren’t looking good going into 2019. The largest cryptocurrency is caught in a strong selling trend -- its most pronounced since the sell-off it underwent mid-year, when the price tumbled from about $9,300 in May to around $6,600 in July, according to the Directional Movement Index. If that plunge is an indicator of how things might play out, then Bitcoin could be in for a continued rout. The digital token is currently trading around $3,800. In addition, the Average Directional Index, or ADX, a technical indicator that rises as negative selling trends ... (full story)

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  • Category: Technical Analysis