It seems that every time there is negative news in the crypto space BTC seems to hold on.
Recent price action suggests that despite a perceived setback (like the China ban) BTC is still holding relatively strong, however, we are at a tricky point in the price action and the next few days will be key to observe.
Long-term trend - bullish/neutral
The major trend is up and is still intact as confirmed by the price being slightly above the 200 MA
Short-term trend - bearish
While the major trend is bullish the interim price action has created a short-term bearish trend at approx. $46k
All three indicator RSI, MACD & CMF are indicating a bearish price pattern
If we break below the 200 MA for a few days we could test $30k otherwise I see some side ways price action for a little while and an attempt to break the $52k resistance.
Hope this helps
Recent price action suggests that despite a perceived setback (like the China ban) BTC is still holding relatively strong, however, we are at a tricky point in the price action and the next few days will be key to observe.
Long-term trend - bullish/neutral
The major trend is up and is still intact as confirmed by the price being slightly above the 200 MA
Short-term trend - bearish
While the major trend is bullish the interim price action has created a short-term bearish trend at approx. $46k
All three indicator RSI, MACD & CMF are indicating a bearish price pattern
If we break below the 200 MA for a few days we could test $30k otherwise I see some side ways price action for a little while and an attempt to break the $52k resistance.
Hope this helps