Quick near-term price update for Bitcoin, for my more comprehensive analysis please check out the other entries I have for Bitcoin
Bitcoin is yet to keep it's head above either the 20 daily ma or even the 9 daily ema.
This does not bode well near-term for the price direction of Bitcoin, the current saving grace is that we have relatively low volume, the flip side is that we have relatively low volume on this small bounce.
Watch for a retest of the near-term lows around the $9,100 USD mark, if we fail to get above the 9 daily ema, this would not be a bad thing, as it would give Bitcoin the opportunity to put in a more stable base from which to move from.
But bear this in mind, if we fail to hold the near-term low at $9,100 USD that risks a more severe drop to the 20 weekly ma, at around $8,000 USD.
Bitcoin is yet to keep it's head above either the 20 daily ma or even the 9 daily ema.
This does not bode well near-term for the price direction of Bitcoin, the current saving grace is that we have relatively low volume, the flip side is that we have relatively low volume on this small bounce.
Watch for a retest of the near-term lows around the $9,100 USD mark, if we fail to get above the 9 daily ema, this would not be a bad thing, as it would give Bitcoin the opportunity to put in a more stable base from which to move from.
But bear this in mind, if we fail to hold the near-term low at $9,100 USD that risks a more severe drop to the 20 weekly ma, at around $8,000 USD.
Trade active:
Bitcoin is now currently under the 55 ema, this strengthens the case for a retest of near-term lows.
