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Bitcoin (BTC) may see a corrective rally following losses this week, but it’s still too early to call a bottom, the technical charts indicate.
The cryptocurrency has spent a better part of the last 24 hours trading in a roughly sideways manner in the narrow range of $7,900-$8,400. Meanwhile, the global average price, as calculated by CoinMarketCap, stands at $8,169 – up 0.15 percent in the last 24 hours.
The daily chart also shows that the 5-day MA and 10-day MA are trending lower in favor of the bears. So, the primary trend is bearish.
That said, a close today (as per UTC) above the 10-day MA at $8,964, currently, would mark a positive follow-through to yesterday’s long-tailed doji candle, signaling a short-term bottom is in place at around $7,665. A corrective rally to $9,000-$9,170 is likely as per the setup on the hourly chart.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
