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Bitcoin starts new year on a down note, traders turn to technicals for direction
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livemint.comBitcoin’s starting off the new year on a down note. The largest digital coin by market value fell as much as 2.8% during Monday’s session to $45,715. That means it was trading below its average price over the last 200 days, which currently stands at $47,923. The session is setting Bitcoin up for its seventh consecutive close below that threshold, which is watched closely by chartists.
“Bitcoin is acting just like another risk asset," Steve Sosnick, chief strategist at Interactive Brokers LLC, said. “In some ways, it’s a victim of its success because so much risk capital has moved into Bitcoin and to a certain extent other cryptos."
Technicians are also watching Bitcoin’s Relative Strength Index, or RSI, which is nearing oversold
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New year, same 'extreme fear' — 5 things to watch in Bitcoin this week cointelegraph.com /2 years ago
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