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06/23 09:52

Bitcoin price has limited downside, likely near bo

Bitcoin price has limited downside, likely near bottom, contrarian indicator suggests#HTX Creation Challenge — Post and Win 1,500U 💥 #TradFi Trading Strategies Sharing Challenge #BTC Prophet: 20-Day 380 Million HTX Challenge

If you’re wondering just how much lower bitcoin BTC$62,272.98 is likely to drop, the answer, at least according to one historically accurate contrarian indicator, is not much. That's the conclusion from an indicator that might seem to signal a bearish shift in sentiment but has tended to presage a more bullish outlook. The indicator is based on two moving averages: Bitcoin’s 50-week simple moving average (SMA) and the 100-week average. The 50-week average, representing roughly one year, is very close to dropping below the 100-week line. A shorter-term measure is often seen as a more accurate reflection of recent attitudes, so the cross would trigger what analysts call a "bear cross." At current trajectories, it could happen as soon as next week.

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