비트코인 고점 찍고 하락 중 Prepping for a Pullback? Bitcoin Price Drops Below $6,000

Prepping for a Pullback? Bitcoin Price Drops Below $6,000

Oct 23, 2017 at 11:45 UTC by Omkar Godbole

비트코인 6194.88달러 고점 찍고 하락 중

현재 오늘 아침(미국시간) 5,800달러 아래로 하락

한국, 1만달러 목표 모두 낙관론들만

고점 가능성 조심스럽게 예측

After rallying to a new record high, bitcoin is once again trending down.

According to Coindesk's Bitcoin Price Index (BPI), bitcoin prices dipped below $5,800 this morning – prices first passed the $6,000 mark on Friday and set the new all-time high (of $6,148) at 15:00 UTC on Saturday. That figure takes the cumulative returns from the September low of $2,980 to more than 100 percent.

The record rally indicates that the regulatory crackdown in China, and subsequent fears of similar restrictions across the globe, have failed to dampen investor sentiment. Meanwhile, the potential benefits of holding bitcoin ahead of another hard fork (in November) – which promises the creation of a new cryptocurrency – have only boosted its appeal.

https://www.cryptocoinsnews.com/bitcoin-price-holds-at-5900-as-ethereum-altcoins-contract

However, price action analysis suggests BTC could be setting up for a deeper pullback.

It's worth noting that bitcoin has rallied close to 500 percent since the start of 2017. In light of the stellar gains, a pullback of more than 20 percent will qualify as healthy correction and not a bear market as widely believed. (A drop of 20 percent or more is considered an entry into a bear market.)

Potential bearish divergence

The daily chart shows:

Prices stuck at channel resistance

Relative strength index (RSI) is overbought

Money flow index (MFI) has breached the rising trend line and has turned downwards from the overbought region

Lower highs on the RSI and MFI

The Money Flow Index (MFI), also known as volume-weighted RSI, is an oscillator that uses both price and volume to indicate overbought and oversold conditions.

View

Potential bearish reversal pattern: A negative close below $5,755 (Sunday's low) would confirm the bearish doji reversal and bearish RSI & MFI divergence. Prices could then witness a deeper pullback to $5,000–$4,800 levels. Bearish divergence occurs when price forms higher highs and indicators form lower highs.

Bullish Scenario: Consolidation around $6,000 for a couple of days, followed by an upside break of the channel later this week, would open doors for a sustained rally to $7,073 (Fibonacci extension level).

https://www.coindesk.com/prepping-for-a-pullback-bitcoin-price-drops-below-6000

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