Bitcoin closed out Wednesday with a -$2,378 decline for a -5% loss on the day. Price has fallen near support level 1 in the $40k range which was expected due to previous signs of price weakness shared in previous charts.
-Price remains in a short-term bearish channel after falling out of the intermediate-term bullish channel.
-Price remains below all moving averages(ma’s) with nearly all averages in a bearish crosses.
-The lower price indicators all remain bearish, with the PPO and TDI showing short and intermediate-term bearish price momentum, and the ADX showing a short-term bearish price trend.
$40k is the price support level to watch for now. A bounce and move back above $50k would be bullish, while a move below $40k would indicate bearish continuation. Overall, the short and intermediate-term trend and momentum for Bitcoin remains bearish.
-Price remains in a short-term bearish channel after falling out of the intermediate-term bullish channel.
-Price remains below all moving averages(ma’s) with nearly all averages in a bearish crosses.
-The lower price indicators all remain bearish, with the PPO and TDI showing short and intermediate-term bearish price momentum, and the ADX showing a short-term bearish price trend.
$40k is the price support level to watch for now. A bounce and move back above $50k would be bullish, while a move below $40k would indicate bearish continuation. Overall, the short and intermediate-term trend and momentum for Bitcoin remains bearish.