The 50-day MA has acted as support for the entire move that we've seen since November. We broke that last week and with the recent sell-off, it now appears that the 50-day may be turning into resistance. Bitcoin, being the poster child for speculation that it is, should be telling for broader risk appetite as well as liquidity moving forward. I'd run the short with a stop at the 50-day moving average with a downside target of $45K. If you were to see momentum build off of itself on a downside move the 200-day may be in play but I'm not there yet, personally.
Comment:
Boy, that escalated quickly.