Bitcoin Price Lines & Moon Metrics
Updated
Since my Ethereum chart of price lines has been quite helpful in keeping track of the falling prices, I thought I would share my Bitcoin version.
As you can see, Bitcoin has dropped below the EMA 200 and is falling out of the Bollinger Bands (SMA 20, Std. Dev. 1). Falling out of the bands has never been good and you can see what happened the previous times long red candles started falling out of the bands. I expect that if Bitcoin closes on the 4hr below my orange horizontal indicator, that it will continue to fall due to less and less support. Right now it has reached what can be considered the warning orange dashed line just above the solid orange indicator line. I will likely have to update the low prices at a later point once/if we keep dipping lower, which I do expect will continue to happen over the next few days.
As you can see, Bitcoin has dropped below the EMA 200 and is falling out of the Bollinger Bands (SMA 20, Std. Dev. 1). Falling out of the bands has never been good and you can see what happened the previous times long red candles started falling out of the bands. I expect that if Bitcoin closes on the 4hr below my orange horizontal indicator, that it will continue to fall due to less and less support. Right now it has reached what can be considered the warning orange dashed line just above the solid orange indicator line. I will likely have to update the low prices at a later point once/if we keep dipping lower, which I do expect will continue to happen over the next few days.
Comment
Bitcoin is currently sitting exactly on the orange indicator trend line. It does look like that line will be broken, although not without some resistance first. A quick descent from there into and around $8900 and $8500. From there into the $7900 - $8200 is the next hot spot for resistance once the previous lines are broken. Afterwards, I expect very little resistance into the $6000 and below territory.Comment
Orange indicator line was broken earlier and there's a long candle-wick sitting below $8500. I expect the drop will continue into the $7900-$8200 range.
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