Published on July 31st, 2018 | by bitcoin0
Bitcoin’s slashes down below $8K as Bull Case Weakens
Bitcoin’s price risks deeper losses below $8,000 as the bears seem to be winning a four-day-long tug-of-war with the bulls.
Consequently, the Bollinger bandwidth – a volatility indicator – dropped today to the lowest level since October, as per the short duration technical chart.
Hence, we could be in for a big move, as a prolonged period of low volatility (range-bound activity) usually makes way for a big move on either side.
Further, the big move (if it does materialize) could happen to the downside as the bull case has weakened following BTC’s failure to capitalize on a descending broadening channel breakout witnessed on Friday.
In this case, BTC is seen falling to the ascending (bullish) 100-candle MA on the 4-hour chart, currently located at $7,609.