Bitcoin since April 12th has been in an uptrend channel as can be seen in the chart. Bitcoin got rejected at an important resistance level at 10k which coincided with the 200MA. Since then bitcoin has had a fairly steep correction dropping over 15% since it hit its peak of 10k a week ago. Currently, there is strong bearish indications for bitcoin, with bear flag after bear flag forming. We can also see that bitcoin's price action has placed itself within a symmetrical triangle, bouncing in between the red & white trend lines. At the moment bitcoin is at a very crucial point ~$8,300, it retested the 50 day MA which also coincided with two important trend lines established since it's 'bullish momentum' began a month ago. I believe that this level will hold and we'll continue to bounce around in the symmetrical triangle until a breakout occurs, before this occurs a test of the key $8.9k-9k resistance level is likely. If bitcoin is unable to close above the 50day MA & establish a higher lower than the $8,153 low (binance) a couple days ago, it's highly likely we fall further, retesting $8k-$8.2k region which is breaks can expect a further decline to the $7.5k-$7.8k region. I have no idea what'll actually happen but I personally think we will not fall below the 50 day MA, not financial advice etc. <3
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WoW, what a short squeeze just as i posted, LOL first timer's luck...
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There's a good chance we consolidate for a while and complete a bull flag taking us up to the 9k resistance, we'll have to see whether we have enough momentum to break through or not
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Quick $300 fire sale rip, shouldn't go lower than 8.3k, if it does target is 8.1k and if that breaks 7.9k should hold <3