More concerns about the novel coronavirus are affecting commodities which in turn is affecting Bitcoin and other cryptocurrencies. The fear brought on by the pandemic has left the market with an uncertainty that is being reflected in the trading and investing practices.
A price uptrend is still in place on the daily chart and bulls have the overall near-term technical advantage,” Jim Wyckoff wrote.
Everyone doesn’t see it the same way Wyckoff does who is the market analyst for Kitco, BlockTower trader and analysts Avi Felman expects a hard reversal for BTC and other cryptocurrencies. Felman said:
The Tom Demark Sequential just printed a “9” candle on the three-day chart for BTC. Previous “9” candles on this chart marked the mid-March bottom and the December 2019 bottom, but front-ran the $10,500 top seen earlier this year.
He added, Bitcoin has failed to break its three-day 50 and 200 simple moving average.
Some analysts believe that some indicators show an issue for an upward trend. What was a benefit to see a bullish trend is now becoming a hindrance.
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