The cost of the first cryptocurrency may decrease in the near future. Omkar Godbole (analyst at CoinDesk Markets) spoke about the specifics of Bitcoin price correction.
BTC price may drop to 4500 US dollars. The course may soon demonstrate a correction against the background of large overbought and abnormal increase in tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details volumes.
The reversal and overbought of Bitcoin
Omkar Godbole argues that the price of Bitcoin may roll back to $ 4600-4500, after a rapid rise on Tuesday. This is due to high rates of cryptocurrency overbought. At the moment, a two-week relative strength index (RSI) was – 89.11. This figure appeared for the first time since the winter of 2017.
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Relative Strength Index (RSI) is a technical analysis tool for measuring the strength of a trend or pattern.
According to Omkar Godbole, the “Bearish Engulfing” became noticeable on the daily timeframe (April 3), when the last trading session closed with a candlestick with a large upper shadow. At the same time, the analyst claims that the bullish mood (the game of price increases) in the market will not disappear. The fall of Bitcoin to $ 4,500 will not affect the price reversal trend.
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The cost of Bitcoin may fall due to a total overbought. At the same time, if the value of digital gold falls below $ 4,200, then in the future the dynamics of development will take shape differently – bears will come to the market (players are on lower prices). Recall that CoinMarketCap reported an increase in trading volumes, April 4.
Editor: Pereyidenko Ihor