On daily plotting, BTCUSD forms hanging man and bearish engulfing pattern candles at $8,179.5 and $7,731.3 levels respectively.
Ever since then, the price has constantly been dipping below DMAs and for now, plunged below $7,000 mark. While the bears have hampered the previous bullish sentiment at the stiff resistance of $8503 - $7855.7 areas, more slumps on cards upon intensified bearish momentum signalled by leading oscillators (RSI & stochastic curves) and bearish crossovers indicated by trend indicators (DMAs and MACD).
Well, the price dip is seen as the markets seem to be shrugging off Friday’s major news announcement of a new trading platform. Intercontinental Exchange, the reputed international exchange operator that owns the New York Stock Exchange, divulged the strategies to unveil crypto platform in the name of Bakkt. While the platform would be a legally compliant facilitating derivative avenue for cryptocurrency trading, presenting physical delivery of Bitcoin on futures contracts.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -50 levels (which is bearish), while hourly USD spot index was at 142 (bullish) while articulating (at 11:08 GMT). For more details on the index, please refer below weblink:
