Bitcoin: Should rebound above median line else it may get worse

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
While waiting for a decent long entry. I thought it is worth sharing this idea.


for a closeup view:

SMA100 forms the top resistance, which is with time growing and becoming a mammoth target.

SMA200 holds; median line of the set pitch form i.e. 0.5 also holds and aligns with SMA200.

In coming 20hrs, SMA200 support may get retested (@8860). MACD is still entering the buying zone.

Bearish continuation until a rebound above 8860. If breached, next test will be 6k previously called as provisional bottom.
Comment: SMA200 and medial line breached. The overall bearish momentum is getting stronger. Waiting for a good entry point to go long. Perhaps, this is still hours away at least 12 to see a possible swing.
Trade closed: target reached: Confirmed SMA200 supports plus Nov 21 severs as a support level at 8242 for next weeks.
Is my previous work link
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