CapMoore

BTC/USD Bears Trying To Break Down The $8200 Level Feb 11 2018

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Price failed to reach the Weekly pivot point yesterday
and has since fallen back and is now trading below the
S/R level at 8200 and the SMA200, despite the MACD
cross. On the intraday chart to the right we see price
fail to find support by the Daily S1, which is quite bearish ,
though some bullish divergence is present, still it currently
keeps dropping towards the daily S2. Bulls are worried that
the current high around 9000 marked the end of a retracement,
since we see a breakdown of the 8200. But one has to wait
for the daily close. If a daily close below the 8200 and the
SMA200, the next important support comes in at 7200 and
below that the 6500. Bulls would like to see a sharp intraday
reversal and price return back up, perhaps after a bounce by
the daily S2 and a close above the 8200 mark. What could
speak for that is that MACD has turned bullish , but without
momentum, any lingering and sideways action, may eventually
cause a nervous reaction and a more extended drop, to
create yet another false MACD signal. To see two in a row
is a rare event, but not impossible.
Overall, on intraday, as long as price trades below the daily
S1 at 8100 bias is to the downside targeting the S2 at 7700.
On the daily timeframe Bears are trying to break down the
8200 support to reestablish the downtrend.
Comment: The intraday bounce the Bulls hoped for arrived. Lets see if it holds for the rest of the day, currently above 8200 again.
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