Bitcoin - The Battle to stay above $10k Begins
Updated
Falling through our orange line it did not take long for Bitcoin to test that $12500 area. As common with previous support it held in the short term. But remember that the more often we go down and visit that support the weaker it will get.
I like the buying volume down there so I expect Bitcoin has a good chance to come up and retest the orange line. Then we see if Bitcoin can break it and start moving back up.
A series of small bumps that form a descending triangle would be bearish. I'm hoping we stay away from $12500.
I like the buying volume down there so I expect Bitcoin has a good chance to come up and retest the orange line. Then we see if Bitcoin can break it and start moving back up.
A series of small bumps that form a descending triangle would be bearish. I'm hoping we stay away from $12500.
Note
That was an incredibly weak bounce off $12500. I think momentum is clearly strong to the downside. There is very weak support between here and $8000. At this point, you are just hoping it stops and reverse. I just think that people rode the big wave down from 20k to 12k. it was scary. Now its dropping again. Fear can take hold and keep people from buying the dip. If no one buys, then stops will get run. Once stops get run, the margin traders get destroyed and they are forced to see.
Note
"forced to sell"
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