Let's keep on making it simple.
We have to wait for a few days and see how Btc behaves at this Blue moving average, and see if it can manage to find support over it (day is not over, there could be a false breakdown).
If it finds some support, this is encouraging and could start another uptrend tryout.
If it doesn't manage to close above and continues below, there could be an important support met by both the possible supportive trendline and the orange moving average, around the 5.000$ area.
This orange moving average is what did hold Bitcoin for its likely total market bottom at the 3.000$ area.
It could and should be very supportive around here, if it gets there.
Blue is to be looked at, as it could support Bitcoin first.
To be continued.
We have to wait for a few days and see how Btc behaves at this Blue moving average, and see if it can manage to find support over it (day is not over, there could be a false breakdown).
If it finds some support, this is encouraging and could start another uptrend tryout.
If it doesn't manage to close above and continues below, there could be an important support met by both the possible supportive trendline and the orange moving average, around the 5.000$ area.
This orange moving average is what did hold Bitcoin for its likely total market bottom at the 3.000$ area.
It could and should be very supportive around here, if it gets there.
Blue is to be looked at, as it could support Bitcoin first.
To be continued.