Industry news:
The cryptocurrency market sentiment is hitting rock-bottom as of late with the Cryptocurrency Fear & Greed Index hitting a 244-day low. This level has not been seen since December 13, 2018, when Bitcoin (BTC) collapsed to $3,000.
Technical view:
My second downward target at the price of $9,170 has been reached and there is a chance for more downward movement.
Yellow rectangle – Support ($9,170)
Magneta rectangle –Support 2 and downward target ($8,070)
Green lines – Bollinger band
MACD is showing the new momentum down on the oscillator, which is good indication for further downside continuation move. Watch for any decent rally on lower frames to establish new selling positions. Main target is set at the price of $8,080/
