thecryptosink

Daily Bitcoin Chart 10/03... Prepare Yourselves

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
More weakness from BTC today. Losing the middle-dotted line in the blue channel was an early sign of weakness. I’m expecting BTC to test that $6,420 area on this new candle. If the bottom of the blue channel is lost at the close, look at $6,275ish (reclamation line) for a bounce to test losing the blue channel. If BTC pops above $6,600, look for that $6,710 area to be tested. One could start thinking about a possible reversal if $6,710 is held at the close (do note there is a reclamation line at $6,870 that will be resistance if it’s a false breakout).

Bitcoin also lost the 9MA at the close. Things are looking weak, and BTC will need to reclaim both the 9MA and 50MA if it has any hope of reversing. If $6,275 is lost on the close as well, BTC will start to make its way down to the bottom of that descending triangle . Remember, descending triangles are bearish and losing that could mean that we see much lower. I'm thinking we'll see a rather decent move here before the week is over. Good luck!
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