Did we just confirm a reversal for BITCOIN???
Updated
BTCUSD broke the neckline of the head and shoulders pattern we've been discussing this week and now also broke below 50 EMA. We seem to be wanting to come back up and test the 50 EMA now acting as resistance. Not pictured on the chart we found support on the 4hr timeframe 200 EMA. This is a very crucial point for BTC to hold any hopes of a rally back inside the uptrend channel. As far as the RSI, we now see a break below and failed retest of 50 level which may continue to give the bears the advantage. Our MACD is now falling below 0 line again giving controls to the bears.
I'm linking our previous analysis for BTCUSD as reference and accountability.
Lots to discuss tonight during our deconstructing charts series.
I'm linking our previous analysis for BTCUSD as reference and accountability.
Lots to discuss tonight during our deconstructing charts series.
Note
50 EMA confirmed as resistance and 32k level failed as support, therefore now we are seeing a very substantial drop. Note
We have some support here with Daily 50 EMA and Bollinger Bands. Around 30k-29k
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