Cryptocurrency
Break of “Market Structure” Puts Bitcoin Uptrend On Thin Ice
As reported on NewsBTC, “Bitcoin and the rest of crypto have been experiencing a strong uptrend since Black Thursday when markets nuked globally and no assets were safe from the carnage. “And while a flip into a downtrend isn’t yet confirmed, a break in market structure at the very least puts the uptrend on thin ice. “Bitcoin […]
As reported on NewsBTC, “Bitcoin and the rest of crypto have been experiencing a strong uptrend since Black Thursday when markets nuked globally and no assets were safe from the carnage.
“And while a flip into a downtrend isn’t yet confirmed, a break in market structure at the very least puts the uptrend on thin ice.
“Bitcoin price is now trading in the low- to mid-$10,000 range, after falling from the 2020 high of $12,400 and once again being rejected at $11,200.
“The two distinctly lower ‘tops,’ have set the first lower high on daily timeframes, however, the cryptocurrency has yet to set a lower low. The initial break in market structure, one crypto analyst claims, could soon confirm a now, short-term downtrend across the board.
“Alongside Bitcoin showing such a pattern, the fourth-ranked crypto asset XRP is also exhibiting similar price action. Both top crypto assets could follow other, lower-ranked altcoins such as Litecoin, EOS, Chainlink, and Cardano all of which have seemingly confirmed the downtrend…”