Hi all, feel free to like and leave a comment.
Bitcoin is in a clear downtrend and there doesn't seem to look like a reversal just yet. It is still trading below all MAs. The MACD is still flowing down and does not look near to crossing just yet. The chart (circled) showed that there was a break down out of the lower trend channel and there was also a pullback and REJECTION of that same trendline which also confirms this is to go lower following price action. I have indicated possible support zones to keep an eye on but for now this looks like it will go down to 40/42k.
Any thoughts?
Bitcoin is in a clear downtrend and there doesn't seem to look like a reversal just yet. It is still trading below all MAs. The MACD is still flowing down and does not look near to crossing just yet. The chart (circled) showed that there was a break down out of the lower trend channel and there was also a pullback and REJECTION of that same trendline which also confirms this is to go lower following price action. I have indicated possible support zones to keep an eye on but for now this looks like it will go down to 40/42k.
Any thoughts?
Comment:
BANG ON!!!!!! LOOK HOW CLOSE IT WAS TO MY SUPPORT LINE