Bitcoin saw another steep fall on August 18 after recording stable uptrends after June’s massive slump. The leading altcoin briefly overpowered the $24K at some point, raising faith for investors as they hoped for extended upsides before declines showcase.
While publishing this post, Bitcoin traded at $21,121.63, with $403,966,011,914 market cap. Nevertheless, investors may consider some metrics before panic selling as some indications show it’s the time to accumulate $BTC.
What Data Says
Evaluating data from Hash Ribbons shows there could be a lucrative buying opportunity as the 30-day moving average crossed the 60-day moving average. 30d MA passive above the 60 d moving average sees the Hash Ribbon signaling that miners’ surrender has ended.
That’s a positive indicator in the marketplace, encouraging investors to purchase more. The highlighted crossover started the previous week after a green line accumulated enough strength to outdo the blue line.
The Current Situation
A CryptoQuant economist Ghoddusifar recently touched on Bitcoin’s potential of losing another 30%. Besides indications from the Hash Ribbon, we should check some metrics to gauge whether the forecast could be logical.
Remember, Bitcoin dropped approximately 15% within the past seven days. Contrarily, a colossal surge in volume appears, confirming liquidations. Also, Bitcoin’s transfer volume to crypto exchanges plunged alongside the prices, further indicating a bearish market.
Also, the supply in loss hiked, surging from August 15’s 6,825,471 to the month’s peak of 8,720,069 on August 19. Lastly, Bitcoin’s four-hour chart also displayed similar outlooks, with the EMA (Exponential Moving Average (EMA) Ribbon confirming bearish superiority in the space. The 55-day Exponential Moving Average stayed well beyond the 20-dayEMA.
And that indicated more price plunges for the leading crypto in the upcoming days. Meanwhile, these datasets complement more price fall forecasts by Ghoddusifar.
Thus, thinking twice before placing sell calls remain crucial for market players as metrics indicate a lucrative buying chance. However, scrutinizing some indicators revealed a contrary case from the bearish analysis.
A bullish cross occurred on the moving average convergence divergence. And that could trigger price surges in the coming few days.
Furthermore, the Relative Strength Index (RSI) revealed some bullish actions, with the indicator rebounding from its oversold territory and heading into neutral territory.