Bitcoin technical analysis shows more pain ahead as analyst hints at BTC’s botto

[Rakin343]

Bitcoin’s (BTC) attempts to rally above the crucial $20,000 psychological level have faltered as bears appear too strong in the wake of prevailing macroeconomic factors. Consequently, technical analysis points to a more gloomy future for the flagship cryptocurrency.
In particular, a summary of Bitcoin’s one-day technical analysis as of September 4 points to a strong sell at 16 while neutral levels stand at nine. At the same time, none of the analysis recommends buying the asset at the moment.
A breakdown of the technical analysis shows that oscillators suggest a sell at two while nine are expressing neutrality. Based on the moving average, technicals point to a strong sell at 14, while only one shows neutrality. Overall, the analysis can be considered that Bitcoin is in an oversold state as the market looks for the possibility of a rally. This comes as Bitcoin continues to trade below its 200-week moving average, a metric that has historically given insight into what stage of the top crypto market cycle it is in. The asset has been trading in the zone for nearly two months. https://cryptonews.net/11753513/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared