BTC on the brink of another collapse

  • Bitcoin price still bleeds as the turnaround on Wednesday ended nowhere.
  • Ethereum price undergoes another rejection against an important historical pivotal level.
  • XRP price could see its bounce off the lows being cut short.

UPDATE: Bitcoin price predictions on the main cryptocurrency dipping below key $20,000 support keep coming, but BTC bulls have been able to just prevent that from happening for now. After closing Thursday at around $20,370, Bitcoin price is behaving in a more stable way on Friday, the quietest trading day of a hectic week. This weekend’s price action will be decisive for the fate of the biggest crypto, as it is currently trading below a highly followed technical indicator: the 200-week moving average. As Akash Girimath, crypto analyst at FXStreet, reports, “Bitcoin has only tagged this indicator five times and only closed below on six weekly candlesticks, recovering quickly after each one.” A close below the 200-week MA and the failure to quickly recover above it would be a very bearish signal. Actually, according to Girimath, “a breakdown below $19,804, 2017’s all-time high, could catalyze another 50% drop.”

Bitcoin price,…

Read more at www.fxstreet.com

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