Bitcoin Weekly Outlook: Time to Fall and Find a New Price Base
Bitcoin continues to stay inside an overbought territory that amounts to a further downside correction.
Related News
Chainlink was bearish on its chart at the time of writing. Over the last week, the coin witnessed significant decline on its chart. Despite the 2% overnight appreciation the technical outlook of Chainlink remained negative. Fall in the market movers prices has pushed many altcoins to travel south on their charts. Prior to this, LINK was consolidating between $6.70 and $7.00 respectively. A fall in LINK’s price has caused it to travel below the $6.70 price mark. Technical outlook started to reflect a change in price direction as buying strength slightly grew in the market. Despite the....
Ethereum price has witnessed a tough time lately, the altcoin logged heavy losses over the past one week. Broader market weakness could be blamed for the coin’s current price momentum. Bitcoin slid on its chart and was trading at $21,000 at the time of writing. Other altcoin also depreciated following BTC’s price action. Over the last 24 hours, Ethereum price fell by 4%. It has been a consistent downtrend after the coin lost the $2,000 price mark. The technical outlook for Ethereum price was also bearish as sellers had taken over at the time of writing. If selling momentum....
In the short-term, supporting the upside outlook is the uncertainty led by a rising number of coronavirus infections in the US.
Ethereum has fallen below its $1,600 support level and has displayed bearish sentiment on the chart. Broader market weakness has also contributed to Ethereum’s current price action. Bitcoin had fallen to the $20,000 price mark and altcoins depicted similar price movements. Ethereum over the last 24 hours depicted some minor appreciation on the chart. The altcoin’s technical outlook remained bearish. Buying strength had fallen over the past two days and at press time the coin ‘s movement was dominated by sellers. Continued selling pressure can pull ETH to the $1,100 price....
Prices fell by 6% in the seven days to Jan. 17, a weekly fall not seen since the first week of September.