Crypto Twitter is questioning the sustainability of $BTC's bull revival as the weekly chart MACD histogram crosses bearish for the first time in over a year. reports godbole17.
A widely-tracked bitcoin technical analysis indicator has flipped bearish, spurring some crypto followers on Twitter to express concerns an extended price slide is in the offing.
According to @CryptoBullet1, the MACD bear cross looks similar to one observed roughly four years ago. At the time, the market was coming off an impressive rally, much as it has over the past two months, and nosedived following the indicator's bearish turn."That's why I believe the most probable outcome is we go to $19K-$20K," oneKatie Stockton, founder and managing partner of technical analysis research provider Fairlead Strategies, disagrees.
Oversold signals are unreliable as standalone indicators, but when accompanied by prices trading at crucial support, as in BTC's case, they often portend renewed buying interest.Moreover, Tuesday's U.S. consumer price index release and Wednesday's Fed rate decision could make or break price charts.
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