Bitcoin's long-term momentum indicators are still positive despite recent downturn, Katie Stockton says
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A recent sell-off in bitcoin isn't changing one technical analyst's bullish long-term view on the cryptocurrency.
Katie Stockton of Fairlead Strategies said in a note on Monday that bitcoin's long-term outlook remains positive despite the recent volatility.
Bitcoin is down 30% from its record November high, but a relief rally helped the cryptocurrency recover some of its losses. That was until late Monday evening, when the world's most valuable cryptocurrency fell about 6% below the $50,000 level to $47,800 Tuesday afternoon.
Despite the back-and-forth action, bitcoin has managed to hold above its key support level at $44,200, Stockton observed, which represents a 61.8% fibonacci retracement level. Bitcoin's successful
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