Bitcoin resumes journey to the south even as overall volatility shrinks

Manoj B Rawal Independent Analyst

Bitcoin price falls hard by more than 4% as the gains of last two days start vanishing while volatility shrinks for the largest market cap cryptocurrency.

BTC/USD price was trading at $8,160 levels having immediate support around $8,117 levels and resistance at $8,596 pivot leves.

Overall the trend for the first ever created digital currency continues to point southward and may need to consolidate and stabilise for the confidence to return among investors and traders.

On the daily charts Relative Strength Index, though has bounced from the lows but still pointing lower and doesn't show any signs of base formation yet.

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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