ForgeTrades

Bitcoin (BTC) larger correction coming?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC has just taken a >20% drop and hurt a lot of overleveraged longs in the process. Is it done dropping though? Maybe not.

Bearish divergence is clearly visible on the daily chart and is in the process of forming on the weekly chart.
Volume has been declining.
5 and 10 EMAs are about to cross down.
The strongest support on the daily chart is below $42,000

If the price continues to retrace we should expect it to fall to the next key support level , being $38,500 - $41,500.

Do I know what’s going to happen – No.
Is a further drop possible – Sure is.
Should you be prepared for it if it happens – Absolutely.

Happy trading.

Comments

its over dude, no more dropping
Reply
ForgeTrades Cryptomania2363
@Cryptomania2363, maybe, but maybe not. I'm not saying to short it but it pays to consider all possibilities.
+1 Reply
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