Quick TA on the Bitcoin Hourly!
It's been a rollercoaster ride these past weeks, especially in the last few days as massive price volatility has gotten everyone in frenzy.
After a breakdown from 13.7k, down to almost 10k, we observe the failed support of the trend line, testing the 200MA (in red). It seems to be consolidating around the 50% fib retracement. The current structure is rather bearish, and the breakdown from the bear flag suggests further downward price action. I would be expecting price action to retest the 200MA at around the 78% fib retracement - failing at this point would likely bring us back to revisiting 10k as the next strong support level.
It is clear that 10k is forming a critical support level for Bitcoin - Falling under 10k would spell disaster unless it's drawn out wicks for sniping those limit orders. For the bulls out there, look out for buying volume to re-enter the market - volume is starting to restabilize right now.
Do note, that on a larger time scale, we are still in a bullmarket, so be careful shorting, as it is not wise to trade against the market.
It's been a rollercoaster ride these past weeks, especially in the last few days as massive price volatility has gotten everyone in frenzy.
After a breakdown from 13.7k, down to almost 10k, we observe the failed support of the trend line, testing the 200MA (in red). It seems to be consolidating around the 50% fib retracement. The current structure is rather bearish, and the breakdown from the bear flag suggests further downward price action. I would be expecting price action to retest the 200MA at around the 78% fib retracement - failing at this point would likely bring us back to revisiting 10k as the next strong support level.
It is clear that 10k is forming a critical support level for Bitcoin - Falling under 10k would spell disaster unless it's drawn out wicks for sniping those limit orders. For the bulls out there, look out for buying volume to re-enter the market - volume is starting to restabilize right now.
Do note, that on a larger time scale, we are still in a bullmarket, so be careful shorting, as it is not wise to trade against the market.
