The recent strong drops in BTC have naturally pulled down the 50 day moving average. Unfortunately since June 8th the 50 day moving average has also been acting as strong resistance. In this bear market expect more substantial drops over the coming weeks as BTC continues to clear out the dead wood.
We are currently testing the absolutely crucial $6500 level. I think you all know that if this doesn't hold we are looking to $5500 as our next support stop.
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We are currently testing the absolutely crucial $6500 level. I think you all know that if this doesn't hold we are looking to $5500 as our next support stop.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
Comment:
Well $6500 didn't even slightly hold and we are well on our way down (briefly to as low as $6120). Next supports are likely to be at $5500 and $4500, although many have suggested BTC's long term correction during 2018 needed to go to $6000 before being complete (and healthy for the long term future of Bitcoin) anyway.
Comment:
BTC is testing the 50 day average (resistance) once again - the first time in 48 hours. I strongly anticipate resistance to hold and BTC to drop once again.