Bitcoin MACD Looks To Cross Bearish, Sell-Off Possible
Over the past 48 hours, Bitcoin has trended higher, posting a 2% gain in the past 24 hours after a 10% sell-off earlier this week, which optimists deemed the last shakeout before a bull run. One analyst, however, claims that there is more pain in store for BTC and its investors, remarking on the fact that key indicators are leaning bearish.
The analyst, who goes by the interesting moniker “Magic Poop Cannon,” explains that while Bitcoin’s early-April rally, which brought it past $4,200 and its 200-day moving average, was bullish, BTC failed to break past a “large uptrend channel.” As a foray past the upper trend line was rejected in the form of a massive, rapid Bitcoin sell-off, Magic claims that there’s a potential for BTC to fall to the bottom of its channel, currently sitting at ~$4,300.
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