Bitcoin technical Analysis Update (BTC/USD): BTC has now forgotten its upward journey, we are back to square one.
Hi Friends, welcome to this TA update of Bitcoin,
In my last post I said that BTC is expected to get some bounce at EMA50 (orange) but you can see that did not materialize at all. Even after that BTC has broken below some really important levels which were expected to behave as strong supports like the EMA200 (blue).
However a fall below EMA200 is not all, BTC has fallen inside the downward trend channel drawn in pink. If you remember I took almost 2 months to get out of that downtrend. A return inside that channel is a really strong signal for beers. But that is still not all in terms of beer signal; BTC has now broken below the black dotted trend line which originates at beginning of BTC Rally of all-time.
These 4 levels were supposed to be strong supports but they were breached in no time, and still there are no signs of bounce in BTC. If you remember my last lesson you can see that MACD is still forming lower lows for each lower low on the chart. We sure look to touch the 78.6% retrace around $9000, but before that a weak support around $9500 is also there. However I am not sure that this support around $9500 will materialize.
So people looking for any bounce please slow down your MACD and try to judge any expected bounce from there as I told you in my last post. If there will be any sustainable bounce, we are sure to get indications for that on MACD.
That will be all for now, I will keep you guys Posted in the as the chart develops further.
Till then Goodbye and Best of Luck to You People.