Sunday, June 23, 2024

Market Watch Dec 10: Bitcoin Price Shows Bearish Divergences, Crypto Market Stagnant.

Bitcoin has been trading relatively flat in the last 24 hours as the leading cryptocurrency took a slight dip. There are bearish divergences between uptrend moves. In the second trading week of December, the crypto market remains stagnant.

Analysts suggest that traders remain sidelined until a definitive trend is established. This is somewhat neutral but identifies bullish and bearish scenarios for Bitcoin, Ethereum, and Ripples XRP tokens.

Bitcoin, down by 0.37% in the last 24 hours, was trading at $17,149; and Ethereum was holding at $1,265. The altcoins are in the red zone with Chainlink being the biggest loser. It’s down by 2.41%. Polkadot lost 1.91%, Polygon 1.90%, and Litecoin 1.85%.

Traders have divided themselves into smaller time frames due to BTC prices to interpret where the peer-to-peer digital currency may be headed. The November 8 upswing back over the $17,000 barrier breached oversold conditions, on the two-hour chart, on the relative strength index (RSI). The RSI indicator assesses the strength and intentions of market participants. Analysts believe the RSI’s breach into oversold territories is a good sign as it implies bulls are still interested in taking a risk in the market. However, there is a divergence between recent swings. This can be seen in Monday’s high of $17,424 which was displayed as a weaker uptrend move on the RSI compared to Friday’s high at $17,199.

Bearish divergences can be used as catalysts for market reversals. With the market really being bearish, a breach below the 8-day exponential moving average at $17,010 could induce a decline into the $16,200 support zone. This results in a 5% decline.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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