Expected trading for today is between 9300.00 support
and 11200.00 resistance
This recent breakdown move represented a failure of continued strength
towards 13000.00 / 50% extension / and the price now is testing critical
support at 10700.00 level / The start of crash zone /.
Volatility continues to be an issue for Bitcoin investors and Bitcoin price again is under the negative pressure due:
- Slowing Transaction Times
- Skyrocketing Fees
- Tighter Rules and Regulations
Image Source
So if selling pressure persists, bitcoin price might move towards
9300.00 level / close to 50% extension, supported by the negative
pressure formed by the EMA50.
100 SMA is below 200 SMA so the downside is more likely to continue than to reverse.
RSI indicate that seller have the upper hand.
Stochastic signal that sellers are in control.
France and Germany share a common goal to regulate Bitcoin and both of them will be making a joint proposal to that effect at the upcoming G20 summit in March this year.
Note, Breaching 11200.00 level and hold above it, will cancel the bearish wave and will push the price to resume the bullish trend, as this level is the key to stop the expected decline.
Expected trading for today:
is between 9300.00 support and 11200.00 resistance.
Expected trend for today:
Bearish.
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