Home Daily Analysis Crypto Market sentiment Bitcoin Update: BTCUSD Breaking its Trading Range to the Downside!

Bitcoin Update: BTCUSD Breaking its Trading Range to the Downside!

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Bitcoin breached the trading rage of the last 20 hours to the downside. The current candle has still more than 2 hours to close, but the volume of the previous hour is higher than the one of the last 4-hour candle. Also, the number of short positions grew 13.15% while the long positions only grew 2-87%, that means selling pressure.



Unless the candle reverses during the following two hours, we see the price visiting the $8,900 level, and further down, to touch the lower trendline, at about $8,400. All other cryptos discussed in our morning brief have similar patterns.



The only the exception is LTCUSD, that olthough has retraced the bullish candle he did today’s morning, it seems it is holding above the recent bottoms of the current trading range. The ussue is this coin is highly correlated to Bitcoin, so if BTC continue its descent, LTC will follow this path too.

 

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