I don't think the recent dump signals the end of the bull run, but as optimistic as I am I can't ignore the possibility this can be the start of a major correction.
If the selling pressure continues and RSI falls lower we could be heading for a prolonged correction.
The distance between the EMAs has slowly been narrowing and now we have come down to touch the 50 and nearly the 100.
If the downward trend continues we could come all the way down to and touch the 200 day moving average around 40-44 thousand dollar range. A nearly 40% drop from the all time high.
Again, these next few days will be critical so stay vigilant!
BTCUSD
If the selling pressure continues and RSI falls lower we could be heading for a prolonged correction.
The distance between the EMAs has slowly been narrowing and now we have come down to touch the 50 and nearly the 100.
If the downward trend continues we could come all the way down to and touch the 200 day moving average around 40-44 thousand dollar range. A nearly 40% drop from the all time high.
Again, these next few days will be critical so stay vigilant!
BTCUSD