Published: Apr 10, 2018 9:21 a.m. ET Technical outlook lacks conviction either way says one analyst Cryptocurrencies extended their decline Tuesday, with the No. 1 digital currency still struggling to claw back above $7,000.
For the most part, bitcoin
has been trading in the $6,500 to $7,500 range since the beginning of April, with each gravitation to the bottom or top of the range met with opposition. For the bulls who are pinning hopes on the notion that tax payments are keeping the price of bitcoin down, D-day is less than a week away and a break lower could open up a test of the Feb.
6 low. The longer bitcoin holds in the range, the more confusing it is becoming for technical traders.
“Yesterday’s breakdown was a little disappointing given bitcoin has been trying to bottom,” said Rob Sluymer, technical strategist at Fundstrat. “If it is to bottom it needs to get back above the $7,170 level.” However, Sluymer said that there is little conviction from a technical standpoint.
For those hoping it is bottoming out, Sluymer pointed out the long-term trend line off the September 2017 high, joining the Nov. 12 and Feb. Read more from marketwatch.com…
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