Bitcoin Back Below $8K — But Is the Macro Bullish Trend Broken??
Cointelegraph By Scott Melker's original article for cointelegraph.com reduced by 60%
While Bitcoin bears are celebrating, the price remains range-bound, as can be seen clearly on the daily chart. Bulls will be looking for a break above the range to signal likely price appreciation, while the bears have their eyes on the bottom for a breakdown and further downside. The price closed below the equilibrium of the range yesterday, leading to further depreciation and a likely trip to the range lows.
TD traders will be watching closely over the next 11 days to see if price can confirm a red 9, a strong signal on this indicator that price is likely to reverse. A break below this line would be a strong sell signal for bears and would likely lead to further price depreciation. As shown below, Bitcoin printed a clear bearish swing failure pattern on the daily chart at the range highs, leading to further price depreciation.
Further, price retraced the move down to the Dow Level of 50%, a common top before further price depreciation in a bear flag.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.