Hi traders,
Trend Analysis:
The Bitcoin price has plummeted below a key trend line and now is establishing a downward trend. currently, we are hovering at a critical support line. If we break past this critical support line, we could see the price continue to fall to the next support of about ~$8,400. Keep an eye on the movement over the next days.
If the price can crawl back to the $10,000 range, then we could expect it to reach the next resistance at about $10,600. Overall, the trend looks like we are in a bear country, so the shorts are taking over.
Technical notes:
The RSI is showing we are losing momentum, and we haven't reached the oversold range, so potentially we could dip even further. The EMA (20) is above the current price which confirms we are losing momentum.
Conclusion:
Watch the price closely and prepare for a dip to the $8,400 range. BAKKT futures are coming up, so this may add volatility and maybe we will be in for a ride back up.
Follow me on Twitter for more TA!
Happy trading!
Trend Analysis:
The Bitcoin price has plummeted below a key trend line and now is establishing a downward trend. currently, we are hovering at a critical support line. If we break past this critical support line, we could see the price continue to fall to the next support of about ~$8,400. Keep an eye on the movement over the next days.
If the price can crawl back to the $10,000 range, then we could expect it to reach the next resistance at about $10,600. Overall, the trend looks like we are in a bear country, so the shorts are taking over.
Technical notes:
The RSI is showing we are losing momentum, and we haven't reached the oversold range, so potentially we could dip even further. The EMA (20) is above the current price which confirms we are losing momentum.
Conclusion:
Watch the price closely and prepare for a dip to the $8,400 range. BAKKT futures are coming up, so this may add volatility and maybe we will be in for a ride back up.
Follow me on Twitter for more TA!
Happy trading!
