Is Bitcoin’s Price Chart Flashing a Warning Signal?

Is Bitcoin’s price chart flashing a warning signal? Let’s take a closer look at the price action. While bitcoin is trading at $7,330 at the time of writing, it surged to $7,500 yesterday. Since then, Bitcoin has encountered two rejections at this region, making it a significant resistance level. Should it fail to invalidate it as a barrier, it could test support at $7,000.

The GTI Vera Convergence Divergence indicator is sending out sell signals and Bitcoin is currently sitting under the 61.8% Fibonacci level, which historically marks resistance and support points in prices. According to Fibonacci analysis, if a price goes below the 200-day moving average, it is a yellow flag. Likewise, Bitcoin could hit a low of $10,000 before the market recovers and reaches that resistance

Related Articles