Bitcoin technical analysis: BTC/USD sellers chop off gains risking a return to $8,000
|- Bitcoin short-term bearish signal getting stronger as the cryptocurrency market retraces.
- The MACD in the daily range remains positive suggesting bulls would soon recommence the uptrend towards $9,000.
Trend: Short-term bearish
Volatility: High
Relative change: -207
Percentage change: 2.48%
Bitcoin is trading within the apex of a falling wedge pattern, in turn, hinting a breakout in the near-term.
The price is still below the 50-day Simple Moving Average (SMA) which upside correction will continue to be suppressed.
BTC/USD 240-minutes chart
Bitcoin makes a comeback in the wide range between $8,500 and $7,700.
The 50 SMA stays in line to offer support above $8,000.
The Moving Average Convergence Divergence (MACD) suggests that Bitcoin bulls have the energy to keep the price above $,000.
BTC/USD hourly chart
Bitcoin defends ascending channel support following the false breakout above $8,800 on Friday.
The short-term trend remains bearish bias as the MACD dives under the zero line.
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