Technical Analysis: Bitcoin Is Making Lower Lows. Is A Break Down Inevitable?

Bitcoin is heading down as we speak. We have seen pure Bearishness in Bitcoin for last 10-12 days since it broke $6000 solid support and fallen to the $4000-ish levels. 

Currently, Bitcoin is trading around $4250 and believe me it can break down from these level anytime if we don't see any Bullish action in few hours. 

Let's have a look at the chart to understand T.A:

As we can see in the chart above, Bitcoin is trading way below its short term resistance of $4650. Although, it is very close to its first not-so-strong support of $4000. 

• Bitcoin has already tested $4000 twice in this week and next would be a break-down. But there's something which is keeping this break down to happen just yet.
• Volume is going low as we're heading down, indicating a reversal very soon. 
• RSI levels are back in 14 on Daily chart, which are extremely low and this also indicates a reversal.
• Weekly support of 200 EMA around $4000, which is again a huge support. 
• But if we dont see any Bullish action in next 4-6 hours, we can likely fall down to the support level and could break it. 

So, trade with caution and use tight stop loss for each of your trades.

Thanks for reading.!!

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