Bitcoin: After weekend dip, chart watchers share crypto clues
Bitcoin rose to $64,870 around the time of the Nasdaq listing of Coinbase, but has since retreated back to $55,000.
Bitcoin has yet to recover from its unexplained weekend swoon, and now the investing public is on edge about the notoriously volatile token’s next move. Enter the chart watchers.
Noting that “a chart is a chart is a chart,” Tallbacken Capital Advisors’s Michael Purves sent a note Wednesday with a technical analysis of the coin’s trading patterns. Bitcoin’s recent highs weren’t confirmed by its relative strength index, among other things, and its upward momentum is fading, he said.
“From purely a technical perspective, the bullish case looks highly challenged here in the near term,” after its recent rally, wrote Purves, chief executive officer at the firm.