A set of aggregated technical indicators on TradingView are flashing sell signals as Bitcoin (BTC) once again drops below $7,000.
Both Bitcoin and XRP have “sell” ratings on the daily, weekly and monthly time frames, at time of publishing. TradingView rates Ethereum (ETH) a “buy” on its 1-day analysis, and a “sell” on its 1-week and 1-month windows.
The social trading network combines a number of methods for its analysis, including oscillators, moving averages and pivots, in order to predict where the crypto assets may be heading.
Meanwhile, analysts at Bloomberg warn BTC appears to be losing momentum after facing heavy resistance at the $7,500 level. The financial outlet says the moving average convergence divergence (MACD) indicator, which is designed to reveal changes in an asset’s trend, strength and momentum, is signaling another move to the downside.
In a note to investors, portfolio manager and crypto analyst Mati Greenspan of Quantum Economics says BTC has been relatively stable in recent weeks. He remains bullish on the space in the long term.
“[Bitcoin] has remained remarkably stable in the last few weeks and if we zoom out on the chart we can see something quite comforting. The level that it’s trading at now, similar to the stock market, is a level that would have been deemed quite normal throughout 2018 and 2019. This is happening with the third halving only a month away…
Very soon, we’re likely to be flooded with the kind of opportunities that only come by once or twice in a generation.”
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