Daily Market Recap – 07/12 – Will we go below $5800?

Bitcoin (BTC) is a train wreck and taking everything in its path. At the time of writing, the Bitcoin price is sitting at $6200, losing -2.86% in the last 24 hours. Volume is at $3.6 B. Losses are accelerating towards the next supports at $6100 and $6050.

On the 4 hour chart, MACD is heavily bearish. The yellow SRSI is nearing oversold below 40. The RSI is on the oversold levels but still pointing down. Money Flow Index is pointed upwards. Sellers seems to be hitting the panic button and there are no buyers in sight. The only good thing (as for now) seems to be that so far, it’s still holding up above $5755 low (hit on June 24).

The last defense is at $6000 and the RSI is already reporting oversold conditions (below 30.00) and if the bears fail to penetrate the immediate support of $6,000 in the next couple of days, BTC could end up creating an inverse head-and-shoulders pattern (bullish pattern).

Allthough, the low volume and lack of demand from bulls have reduced the probability of a corrective rally occurring in the next 24 to 48 hours. If Bitcoin can recover back to $6,300 and stabilize in that region, it could eye a move towards $6,400. However, if BTC fails to find any momentum at this price range, a further drop is inevitable.


You can read full article at [https://dna.coinve.st/news/articles/2018-07-12/Extremely_Bearish_with_Low_Chance_of_a_Corrective_Rally_in_the_Next_24_to_48_Hours](https://dna.coinve.st/news/articles/2018-07-12/Extremely_Bearish_with_Low_Chance_of_a_Corrective_Rally_in_the_Next_24_to_48_Hours)

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