Bitcoin lost the 46k support, now tests the 40k support region!
First of all we stay macro bullish and believe in the blockchain technology that is the underlying technology of crypto currencies.
Therefore we have a bullish bias but still try to give you an objective overview.
Bitcoin tests the 40k region support indicated by the dark green line.
We are currently in a downtrend and lost the crucial 46k support where also the 200MA could have acted as support.
A potential deathcross between the 50 and 200MA is looming and the overall volume keeps dropping.
All this is very bearish.
On the flipside we have an RSI around 30 and a fear and greed index that points to extreme fear for several weeks now.
This more often than not indicates a trend reversal.
Also 40k is a well respected level considering the last 360 days.
So could we go lower? Of course!
But we believe that enough blood has been spilled and that we will see an uptrend within the next weeks to come.
Keep in mind that often times we feel doomed or the opposite invincible, this is the time we are wrong and reversals happen.
So ask yourself how you feel and what it means.
Feel free to comment or ask anything you like.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
Ctumbler
Therefore we have a bullish bias but still try to give you an objective overview.
Bitcoin tests the 40k region support indicated by the dark green line.
We are currently in a downtrend and lost the crucial 46k support where also the 200MA could have acted as support.
A potential deathcross between the 50 and 200MA is looming and the overall volume keeps dropping.
All this is very bearish.
On the flipside we have an RSI around 30 and a fear and greed index that points to extreme fear for several weeks now.
This more often than not indicates a trend reversal.
Also 40k is a well respected level considering the last 360 days.
So could we go lower? Of course!
But we believe that enough blood has been spilled and that we will see an uptrend within the next weeks to come.
Keep in mind that often times we feel doomed or the opposite invincible, this is the time we are wrong and reversals happen.
So ask yourself how you feel and what it means.
Feel free to comment or ask anything you like.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
Ctumbler
