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Cryptocurrencies tracked by Coinmarketcap.com have lost more than $500 billion of market value since early January as governments clamped down, credit-card issuers halted purchases and investors grew increasingly concerned that last year’s meteoric rise in digital assets was unjustified. This week’s selloff has coincided with a rout in global equities, with markets in Asia extending losses on Tuesday following a white-knuckle day for U.S. stocks.
Some technical indicators suggest the rout in Bitcoin has further to go. The cryptocurrency’s Moving Average Convergence Divergence indicator, the most profitable of 22 trading signals tracked by Bloomberg over the past year, flagged further downside after turning bearish in December.
Bitcoin also dipped below its 200-day moving average for the first time in more than two years on Tuesday. The last time that happened, in August 2015, the cryptocurrency sank as much as 24 percent over the following two weeks.
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Please update us ASAP if you see reversal patterns. Closing the trade at this level would make me think that you see weak signals for bearish trend. please explain..