BITCOIN: Short Term Update (Bearish and Bullish Scenarios)!

Bitcoin has rallied over 40%, and with that in mind, the market sentiment has turned extremely bullish. While that may be true, we should know by now that markets also do not move in straight lines. We must now remove all emotions from the market and focus back on the technicals, short term, mid term, and long term. Here, we will focus on the short term (1 Hour):

- On the shorter time frames, bears are pushing the price below all major moving averages (10, 20, 50, 100, and 200).
- Bitcoin's Fib Retracement from wick to wick, swing to swing, is now showing relatively weak support on the .382 fib level ($9,034).

It is apparent that Bitcoin wants to move lower to at least the .5 Fib Retracement ($8,715). If the .5 level breaks, we should be expecting even a further down fall, all the way to our next major support at the .618 fib Retracement level.

Bulls need to really protect this .382 fib level.

Trade Safe.

Comment:

Bitcoin is currently breaking down from our support at the .382 fib level. Will bulls protect htis region?

Comment:

We are seeing pure sideways action from our previous analysis. We are getting constant rejection, yet constant support. Volatile move is to be expected soon.