Bitcoin's monthly chart indicator teases bearish shift in momentum as the cryptocurrency eyes third straight monthly decline. reports godbole17
Bitcoin's monthly chart with MACD histogram
The cryptocurrency's monthly moving average convergence divergence histogram has crossed below zero, a so-called"sell signal," indicating a bullish-to-bearish trend change on the longer duration price chart. Bitcoin traded under $37,400 at press time, having violated the support earlier this month. The MACD must remain negative through Monday's UTC close to confirm the sell signal.
That said, technical studies like MACD, which are based on backward-looking moving averages, are less reliable than fundamental or macro factors. Coincidentally, as of now, macro appears to have aligned in favour of the bears.Bitcoin is staring at a third straight month of losses amid heightened fears of global monetary policy tightening.
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