Cryptocurrency
Bitcoin Flashes Grave Bearish Divergence Just as Institutions Flip Long
As reported by NewsBTC, “Bitcoin’s intense upwards momentum has stalled as the cryptocurrency enters a firm bout of consolidation within the upper-$8,000 region. This has come about in the time following the multiple firm rejections the crypto posted within the lower-to-mid $9,000 region. “It now appears that these rejections have caused the crypto to form […]
As reported by NewsBTC, “Bitcoin’s intense upwards momentum has stalled as the cryptocurrency enters a firm bout of consolidation within the upper-$8,000 region. This has come about in the time following the multiple firm rejections the crypto posted within the lower-to-mid $9,000 region.
“It now appears that these rejections have caused the crypto to form some incredibly bearish divergence that could be confirmed if BTC closes below $8,400.
“This comes just as professional traders and institutions trading Bitcoin futures on CME begin reducing their short positions and flipping long.
“At the time of writing, Bitcoin is trading down marginally at its current price of $8,830, around the level at which it has been trading at throughout the past couple of days.