At the time of writing Bitcoin is at 9546$ - all of that happened after we failed to break the 12,000$ level. Consequently we were rejected by the 50-day Moving Average, which resulted in breaking the 8-day EMA and 21-day EMA. Everything I mentioned above is bearish and to add to this case we should take a look at the weekly chart.
We are on path to finish at the lows for the week. If we look at the chart above, we are clearly in a downtrend on weekly and the failed breakout at 12,000$ was an important piece of the bearish puzzle. On thih timeframe the first big support is at 8000$ and by the looks of it, it is a very solid one.
A lot of Technical Analysts are talking about the "Inverse Head And Shoulders" formation, but my opinion is that it is very early to talk about it. If we complete the right shoulder I will do my best to cover this scenario. Another thing to note is that volume is extremely low today.
If todays bar turns green and we continue with a green bar tomorrow, this will definitely make me feel a lot less bearish. But still facts are facts - bulls don't have control on the situation for now.
What's Next ?
- If Bitcoin continues to fall, the first major support level is the 200-day (8505$)
- If Bitcoin starts to climb, first resistance is at 10,100$ and another one is at 10,400$
- On the weekly first major support is at 8000$
Nice analysis! And yeah I agree that 8k should be the make it or break it support for BTC. 12k should be a turning point after we break over 10.5k, as this would signal an overall bullish market for crypto. Followed you since I did a TA crypto update on BTC recently as well!
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Thank you! Will check your work tomorrow :)
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Now the daily and weekly closing of the negative development
Words in the sense: entered into the past
A negative weekly allowance for the healthy unless it enters exceptional liquidity
The beginning of the negative break $9250
His targets will be down:
9050
8680
7850
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Interesting, why do you feel like that ?
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Hope we dont break the 8k support
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Well, maybe we will get the sideways action everybody has been waiting for
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It's been on a down trend still, but #LTC is on an uptrend against #BTC so I'm just waiting for the big trade, I'll get about 1/10 more #bitcoin just for holding my #litecoin for a few more days. =)
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True! Ltc is doing great :)
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An interesting read. How long have you been into chart analysis? If you get time I did a post on beginning chart reading maybe you could add your thoughts in comments.
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Will do ! I am doing some TA from time to time, its beenaround 2-3 years.
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You got a 2.69% upvote from @postpromoter courtesy of @ervinneb!
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Yeah!, Btc starts to climb, now its price is $10,299. upvoted and resteemed
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