Bitcoin has fallen again in a downtrend after breaking out of it and also staying up for many days. It has fallen again in descending channel two days before and currently trading inside that channel.
At this moment, Bitcoin is trading at $9349 which is up 6.17% from yesterday's close of $8795.44.
The highlighted rectangle on a chart above is depicting a consolidation or flag which Bitcoin has broken on downside which is a bearish sign. Today's upmove can be seen as a retest of consolidated or flagged area.
Momentum has also shifted downwards as moving averages i.e. 10 days EMA has currently fallen below 50 days EMA which is of bearish significance.
As far as support is concerned than $8362 level has emerged as recent support and on resistance side, $9687 level is needed to get crossed to negate the downtrend.
In summary, Bitcoin has already negated its uptrend which started after hitting a low of $5700 and currently it is just retesting it's consolidated area, so any move above consolidated area can be seen as bullish, whereas break of $8400 level will be seen as bearish.
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I am seeing a good bounce and the 9500 resistance has broken. Now I am waiting for critical 10000 level to be broken with impulse to end this downtrend and shift in momentum. Overall, the current market is dead and I will be happy if bitcoin can stay above 10000 so that altcoin can move steadily.
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I'm happy to see BTC dominance above 40% after being in the mid 30% range for a long time.
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There is a massive resistance @ $9500. If we break that level today or tomorrow, a rally back to $10-$11k should be no problem.
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yes, you are right, but a big question is 'if'.
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Cool Post. Since you got the bitcoin tag do you have a prediction for Bitcoin over the next few days? Also followed you for future posts :)
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