Cryptocurrency
Bitcoin Shows Some Signs of Stabilization After Brutal Decline
As read on Bloomberg, “Here’s some good news for cryptocurrency fans: Bitcoin is showing signs of stabilizing after suffering a severe decline amid the wider coronavirus-induced meltdown. “Based on the last four trading days, the largest digital token has bounced from session lows to gradually mark higher-lows, a signal it may be forming a bottom […]
As read on Bloomberg, “Here’s some good news for cryptocurrency fans: Bitcoin is showing signs of stabilizing after suffering a severe decline amid the wider coronavirus-induced meltdown.
“Based on the last four trading days, the largest digital token has bounced from session lows to gradually mark higher-lows, a signal it may be forming a bottom after the almost 30% decline this month.
“In addition, the coin closed stronger than where it started Wednesday, allowing it to overtake the lower limit of its Trading Envelope, an indicator that smooths moving averages to map out higher and lower limits. That could be seen as a positive sign for Bitcoin. Now that the coin has retaken its lower limit, a reversion to the mean price level is in play…”