Ok so what are we looking at and what is the takeaway? Bitcoin violated a minor trend and it fell down hard enough that it had enough downside momentum to pierce the secondary trendline in green. As I stated yesterday BTC was looking weak and today we got to see the drop, and it has not been able to go back up across the green trendline which means weakness. It stopped right on the 12H 200MA (represented by the black line) and this is a very dangerous place for Bitcoin to be flirting with. The 200MA on the 12H, for now, it represents the entire up move that started on Feb the 6th. If BTC closes below this line we are headed to around the 8500 area. Don't forget to follow and stay safe!
