The cryptocurrency market slumped over the past week, approaching a total capitalization of $1 trillion. This happened as Bitcoin lost about 14% since August 15th and currently struggles above the $21,000 mark.
However, according to a popular indicator that’s commonly used to gauge the average price of BTC over a span of a few different time periods, there’s more pain to come.
Bitcoin MVR Tripple Ribbon (consists of 3MAs) again froms another signal, foreshadowing the fall of Bitcoin. This year, hypothetically, this will be the 5th full-fledged signal indicating the weakness of Bitcoin and a further sell-off. On average, this year, a similar signal led to the sell-off of Bitcoin by 30%.