Bitcoin (BTC) Remains at High Risk, As it Shows Bearish Signal

Bitcoin (BTC) Remains at High Risk, As it Shows Bearish Signal
  • Bitcoin (BTC) is at high risk as it remains bearish showing downtrend signals.
  • BTC is trading below the 200-MA, we can expect bearish trend in upcoming days.

Bitcoin (BTC) is at high risk as it remains bearish showing downtrend signals. However, BTC is the first digital asset in the crypto market. 

BTC is a peer-to-peer online currency, which indicates that all transactions happen directly between equal, independent network participants, without the help of any middlemen to permit or facilitate them. More so, Bitcoin created, as per Nakamoto’s own words, to enhance online payments to be sent directly from one person to another. Without going through a financial institution.

Bitcoin (BTC) Shows Bearish DownTrend Signal

According to CoinMarketCap, the BTC price is at $30,690 with a 24-hour trading volume of $17,444,002,679, at the time of writing. 

BTC/USDT Price Chart (Source: TradingView)

A descending channel is designed to connect the lower highs and lower lows price with parallel trendlines to show a downward trend. Descending channel patterns are short-term bearish. In that, a crypto market moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns.

BTC/USDT 200-day MA and ADX (Source: TradingView)

Currently, the price of the BTC is trading below the 200-day moving average level. So, we can expect more bearish signals in the upcoming days. Even more, the ADX assists traders in determining the strength of a trend rather than its direction. The above chart represents the ADX of BTC with the range at 25.12, so it indicates a strong trend.

Furthermore, with the upcoming development and upgrades within the BTC ecosystem, it could experience a fabulous future ahead in 2021. All-in-all, BTC is expected to hit $20k soon, as it moves downwards. 

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.