Bitcoin Moving Lower, Testing Key Levels As Volume, Volatility Drain Away – Investing.com

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Bitcoin Moving Lower, Testing Key Levels As Volume, Volatility Drain Away – Investing.com

The daily chart for is one I have referenced a number of times over the last few months. It is now starting to approach key levels. In addition, the price action coupled with volume is particularly revealing for the medium term. If we start with the candle that dominates the chart, which is the volatility candle from May 19. It resulted in Bitcoin plunging lower, only to recover on extreme volume as buyers moved in to pick up the bargains. The volatility indicator is shown with the magenta triangles at the top and bottom of the candle. It signals the price in the session has moved outside the average true range. The significance is that we can expect the price to either consolidate within the spread of the candle or reverse. In this case, we have the former. For the development of any trend we have to wait for the high and low of this candle to be breached, a point we are now approaching to the downside. However, in addition to the key level now in sight at $29,958, there are also some more worrying signs for Bitcoin and cryptocurrencies in general. First, there is the general decline in…