Other Issues To Consider
Among the myriad issues facing bitcoin and other cryptocurrencies is adoption. As in when cryptos will become more widely accepted and used for mainstream activities, such as basic payments and money transfers, on a larger scale.
“The bear flag breakdown seen in the above chart is a bearish continuation pattern, meaning the sell-off from the Sept. 2 high of $7,429 has resumed and prices could fall as low as $5,000 (target as per the measured move method),” notes Coindesk. “However, that target looks far-fetched for now. Nevertheless, with RSI at 34.00 (bearish and well above the oversold level), the bear flag breakdown could yield a drop to the August low of $5,859 in the near-term.”
Currently trading around $6,350, bitcoin would need to reclaim $6,600 to encourage buyers to step back into the market.
For more information on the cryptocurrency market, visit the Bitcoin category.