#Bitcoin (BTC) price is leading markets into weekend mode where trading volumes are low and, therefore, the price becomes susceptible to volatility. With altcoins awaiting the BTC cue, Ethereum (ETH) and Ripple (XRP) prices appear to have taken a hint.
Bitcoin may have just chosen a directional bias
Bitcoin (BTC) price has recorded a steady series of lower highs and lower lows over the past four days, suggesting a clear directional bias. However, this is subject for confirmation considering that the $50,638 support level continues to hold. A break and close below it would confirm the continuation of the downtrend, likely sending BTC to $50,000.
The Relative Strength Index (RSI) has already executed a selling signal by crossing below the signal line (yellow band). This is reinforced by the histogram bars of the Awesome Oscillator (AO), which are steadily edging toward the midline.
In addition, based on the Mean Reversion Channel (MRC) indicator principle that holds that price tends to return to its average over time, the market is leaning to the downside.
On the flip side, if buyer momentum increases, Bitcoin price could push north, escaping the market range above $52,829. In a highly bullish case, BTC could shatter the range high at $52,985 before confronting the $53,000 psychological level. A decisive candlestick close above this level would clear the path for an extended move north.
