BTC at critical level,holding above 8400 for a possible reversal
So any hope of a turnaround this week?
Let's walk through the technical picture first.
The weekly chart looks as the push-up that happened at the end of October has almost vanished, topping at 10500. And generated in the last weeks clearly indicate selling force has overrun BTC .
is very weak, with an orderly slide to 8400 over the last two weeks, whereas no quick slump shows the market is not panic anyway.
comes down to 40, sitting at the .
So, in the daily picture, BTC is not oversold and may still have some downside room until the panic price movement crop up. Anyway, $8400 is a very critical price level. Once broken, the bear will definitely push the price down close to 8000. Low indicates the ongoing choppy move may soon come to an end.