JustChartThings

$BTC #bitcoin #btcusd in bounce mode but near-term outlook weak

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
and needs to show signs of continued strength if we're to believe we're reversing for the long-term. Major overhead supply points are 9000-9500 and 11000-12000. 50 daily MA in the process of crossing over the 200 daily MA, a widely acknowledged sign of bearish trend . Only way to avoid would be a bounce continuation above 9500. The bounce from 7300 was almost perfectly aligned with the 0.236 fibonacci level from the swing high/low of 11800 and 5900, respectively. Given the relative weakness of this bounce (testing such support levels rather than holding at 0.5, for example) it does imply the bearish trend is likely to continue, which is why I anticipate closing under 6k if BTC cannot close above previous support in the low 9000s.

Currently in a chop zone; my ideal trade would be shorts around 9000 with close stop losses. I don't see support at 7300 so if you're not in a long swing trade yet, the environment isn't conducive to opening one.
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