BTC rallied yesterday only to drop back to support today. We're back into the bearish bias side and this is a bit concerning since every time we re-test this support line we have a chance it will weaken and break down.
For now it is holding, but the indicators are not looking too good, with momentum being on the bearish side. It's really in the hands of bulls now to defend this level, if they pull out their support and bids, then we're likely to crack down.
Most of the market corrected today, including ETH which also finds itself at support. A break there or here by BTC will bring the whole market to lower levels.
On daily the MACD histogram is ticking upwards, timid, yet as long as we hold support this is good for bulls.
Lets see how price action develops.
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For now it is holding, but the indicators are not looking too good, with momentum being on the bearish side. It's really in the hands of bulls now to defend this level, if they pull out their support and bids, then we're likely to crack down.
Most of the market corrected today, including ETH which also finds itself at support. A break there or here by BTC will bring the whole market to lower levels.
On daily the MACD histogram is ticking upwards, timid, yet as long as we hold support this is good for bulls.
Lets see how price action develops.
Like and follow if you liked this idea!
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