BTC Loses All Meaningful Low Time Frame MAs As Support
I have spoken a few times about the fact that Bitcoin recently lost the daily 50 MA as support, which it continues to test as resistance.
I decided to zoom in today to the 4 hour chart. As you can see, all meaningful MAs (50, 100, 200) are above price, meaning they are resistance. Price lost the 200 MA as support for the first time since the middle of October when the run up really gained steam. It has been retested as resistance.
I am still seeing a bit more downside or at least a lot of chop, but this is Bitcoin... nothing would surprise me!
I decided to zoom in today to the 4 hour chart. As you can see, all meaningful MAs (50, 100, 200) are above price, meaning they are resistance. Price lost the 200 MA as support for the first time since the middle of October when the run up really gained steam. It has been retested as resistance.
I am still seeing a bit more downside or at least a lot of chop, but this is Bitcoin... nothing would surprise me!
scott.melker@texaswestcapital.com