Bitcoin yesterday saw its largest daily red candle in its history in terms of total dollars moved. Today, the selling has continued, and it has caused the MACD to turn bearish for the first time since the leading cryptocurrency by market cap took out $20K.
Is this a sign of a short term reversal, or is the top of the bull market already here? Here’s what the Moving Average Convergence Divergence indicator says about the recent price action in crypto.
Have Bitcoin Bears Regained Control Of The Top Cryptocurrency?
Bitcoin started off the year with among its sharpest weekly advances yet, taking the asset from under $30K to above $40K. The rounded number more than double its former peak posed the first resistance for the asset since the breakout from $10,000.
The rally began, and Bitcoin never turned back – at least until now. Although bulls have been in control for months now, hidden bears attacked above $40,000 and