200 SMA support on 1Daily showing weakness

Updated

After failing to break our blue dotted line resistance after many attempts, we have finally broken our S1 and S2 supports with a huge sell candle and have reached our next price action zone(green rectangle S3,S4). There was no bounce on our 200 SMA (red) and is struggling to hold as support. If we struggle to get a bounce at these levels (S3/S4) and S4@8000 support breaks, then we have a good possibility of hitting the bottom of our blue dotted downtrend channel support where I think we have our S5 support.

Note

S4 support is holding at the moment. RSI is over sold on the daily. Has a good chance we get a bounce back to test our EMA's(Yellow/purple) as resistance.

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If this bounce does happen, we could be going up to test our 200 SMA (red) as resistance. If BTC faces strong resistance at 200 SMA then that we have a good chance of making a lower low.

Note

Price Consolidation(yellow dotted trendlines) on the 1HR chart. Price action soon.

Here we are on our Daily for a bigger picture. Seems as though we couldn't breaking the 200 SMA resistance (red), but we didn't get a rejection either. Price is consolidating for next move.

Detective_Conan

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