Bitcoin shows stronger Bearish mode. It has crossed the 21 day moving average (21 MVA) and 50 day moving average (50MVA) and gone down even lower. It is heading toward previous bottom appox. $6500. There is possibility that the Bear will pull down even lower and the opposite as well if opportunist buyers would jump in for quick gain. If it goes higher, then next target will be the yellow line approximately $9000, If that bear won’t give up then next target will be aprox $6500
Note:
Technical analysis employs models and trading rules based on price and volume transformations, such as the relative strength index, moving averages, regressions, inter-market and intra-market price correlations, business cycles, stock market cycles or, classically, through recognition of chart patterns.
In finance, technical analysis is an analysis methodology for forecasting the direction of prices through the study of past market data, primarily price and volume.
https://en.wikipedia.org/wiki/Technical_analysis
Additional notes:
- This is not financial advice so please do your own diligent before investing
- Never invest more than you can afford to lose
- Technical Analysis is not pure science
- Market is not something that can be predicted accurately because of the behaviors of investors
Have a happy trading day