Bitcoin has reversed. I have plotted important S/R lines which i think will have some action. I have been in a short, and i will be taking profits at these support lines. The GREEN LINES I have marked off are the 38% and 50% Fibonacci retracement zones. which have also been very strong S/R. I will be watching for a reversal around these areas but im expecting some bear moves in the meantime.
Bitcoin has finally made its decision and didnt have enough volume to break through the resistance. Back down we go. Ive been expecting a reversal mostly because of the longterm resistance line that it has just reached, and rejected. Just under 10k once again. The RSI and MACD are just further proof that it has a decent amount to fall! Im expecting a bear market for a little while at least a couple weeks.
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In order for bitcoin to stay in a bullish trend it should stay above the 200MA(White). And avoid a death cross. Which would be the 50MA crossing down passed the 200MA. We just recently had a Golden Cross so we are in a bullish trend.