Bitcoin at Risk of Deeper Pullback Toward $20K: Chart Analysts

“Bitcoin has been unable to break out above trading range resistance near $25.2K, resulting in a whipsaw lower for the daily MACD,” Katie Stockton, founder and managing partner at Fairlead Strategies, said in a note to clients on Monday, using the acronym for “moving average divergence/convergence,” an indicator used to gauge trend strength and trend changes. “Given the MACD ‘sell’ signal, and with room to oversold levels per the daily stochastics, we shift to a bearish short-term bias.”