Cryptocurrency
Trading Bitcoin: Support Finally Breaks
Support Finally Breaks $8.5k support has finally broke and the bears are moving price relentlessly. On the daily chart above, Bitcoin has closed below the 50MA (grey) and is on a red 6 of 9 candle. In three days, price may reach a red 9. If this occurs we’ll have to re-evaluate the likelihood of […]
Support Finally Breaks
$8.5k support has finally broke and the bears are moving price relentlessly. On the daily chart above, Bitcoin has closed below the 50MA (grey) and is on a red 6 of 9 candle. In three days, price may reach a red 9. If this occurs we’ll have to re-evaluate the likelihood of a price flip.
4 Hour
The 4 hour has now reached a red 5 candle. It is highly likely to reach a red 9 sixteen hours from now. All three moving averages have been broken as well as the Lucid SAR acting as resistance above price.
Weekly Heikin Ashi
Weekly Heiken Ashi has given us two red weekly candles in a row. This is bearish for the overall macro trend.
Conclusion
Support at $8k must hold or else a bearish retest of $7.5k is likely. The longer price remains below the 200MA, the harder it will be for the bulls to rise above.