Cryptocurrencies
Bitcoin’s Long-Term Trend Lines Suggests Downswing Isn't Over Yet
- Divergence analysis doesn’t portend for a postive future
- Biggest cryptocurrency has dropped more than 60% this year
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Bitcoin bulls could be in for more bad news. Long-term technical indicators suggest the battered digital currency is poised to continue its slump.
A technical analysis of DVAN long-term trend lines shows Bitcoin resuming its recent downward trend. Its baseline indicator, which has been hovering above its algorithm line, does not portend a positive future. As long as the baseline stays above the algorithm line, Bitcoin could continue its dip. But should the algorithm line cross above the baseline, investors might see it as a buy signal and the cryptocurrency could see a rebound.