Bitcoin being unable to break back above even 8200 points to more bearish moves. A break of 8000 points to 7500 as the next support. This fall on BTC will cause all alts to feel the pain, there will be people that just wants to get the hell out of this market. Selling alts then selling BTC into USDT or Fiat will cause the downmove to be so much more painful. The bottom of this bear market cycle should be below $5000. My theoretically predicted bottom for other alts has been posted.
Supports to watch out for
8000
7500
6200
5600
4750
4200
3600
Reasons to remain bearish
1. Price is under 200EMA on 4H
2. Price is under 200EMA on Daily
3. Price has been rejected at the 38.2 retracement from the 11700 fall
4. 4H MACD has turned down
5. Daily MACD has turned down
6. No increasing volume on daily seen yet that typically signifies a bottom
Supports to watch out for
8000
7500
6200
5600
4750
4200
3600
Reasons to remain bearish
1. Price is under 200EMA on 4H
2. Price is under 200EMA on Daily
3. Price has been rejected at the 38.2 retracement from the 11700 fall
4. 4H MACD has turned down
5. Daily MACD has turned down
6. No increasing volume on daily seen yet that typically signifies a bottom
