Will the Bitcoin see a recent bearish wave in the coming days?

Over the past few days, we have been hoping that the Bitcoin will prove to be ready to go up again, but the Bitcoin could not prove it (at least until now), so it is likely that the prices of digital currencies will continue to decline in the coming days and are likely to be another Downward wave.

Reasons for the decline in prices of digital currencies
In the previous analysis we pointed to the existence of 2 scenarios likely to be achieved, but in the last four days the currency of the Bitcoin could not raise the chances of achieving the positive scenario, the continued weakness of liquidity in the digital currency market at the moment contributed to postpone the launch of the upward flight of digital currency prices in the form The investors, who usually call the term "the moon", wish.

The MACD indicates that the MACD has not been able to rise above the average index and the RSI is also pointing to the continuation of the bearish momentum. Although the bearish momentum is weak, bulls did not move seriously to create bullish momentum.

Therefore, it can be said that the bullish movement that has taken place during the past two days is only a corrective move in the descending movement of the Betcairn since failing to complete the ascending course at the point of 11700 dollars after the previous return from the point of 6000 dollars.

This is evident in the attached chart. Prices over the past two days have moved upwards to form a low above the previous low in a short term downtrend that only breached the price of around $ 8,500 and stability above it, which did not happen.

Another short technical signal is shown by the short and long term moving averages. The chart shows that the short (50 day) medium has moved below the 200-day long average, creating a bearish move, confirming that a recent bearish move is imminent.

With all these data, what many analysts have pointed out in recent days and weeks about the possibility of a downward spiral for the prices of digital currencies, which seems to be about to come true,

Note: This analysis can not, in any case, be regarded as a recommendation, but rather an attempt to predict future price movements. It should also be borne in mind that digital currencies usually breach the rules of technical analysis and their prices move unexpectedly.