Description
⋅ As shown in the chart, BTC is losing the 50 SMA on the 4hr.
Coupled with bearish divergence on the RSI dating back to July 26th, we could see short term selling.
If we can't hold the 50 SMA, it is possible we have to retest the 100 SMA at roughly $47,000.
If that doesn't hold, expect a drop to the 200 SMA around $44,000.
Strong support should come between $40,600 and $42,400 in a worst case scenario.
Long term bullish trend still in tact!
- CAHLESS