Bitcoin’s Monster Drop Has Indicators Warning of More Pain Ahead
Many crypto investors are still struggling to explain the sudden plunge in digital assets this week. A look at technical indicators doesn’t paint a pretty picture going forward.
While Bitcoin is holding above the $8,000 level, a breach below would test its 200-day moving average support, which sits around $7,000. In addition, the GTI Global Strength Indicator — a measure of upward and downward movements of successive closing prices — shows the coin hasn’t dipped yet into oversold territory, which could portend further declines.