Bitcoin Price Risks Falling Under $8.4K If the Bulls Don’t Step Up Now
Cointelegraph By Michael van de Poppe's original article for cointelegraph.com reduced by 52%
Bitcoin price is still retracing from the massive rally two weeks ago, which leads the sentiment to turn bearish. Several signs indicate that the price needs to reverse quite soon, or the whole upwards move is deleted from the charts. Bitcoin loses 200-Day MA and EMA for the second time in 2019The daily chart shows that the price of Bitcoin once again can't hold support on the 200-Day Moving Average and Exponential Moving Average.
Alongside with a drop below the crucial moving averages, the price of Bitcoin wasn't able to break the downward trendline. The price of Bitcoin is currently hanging on a few key levels. 9,050 was broken as support, which caused the price to drop to the next support level at $8,700.
In the first scenario, the price is unable to break out of this short downtrend and falls below the yellow zone and golden ratio.
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CN [too long; didn’t read]
Summarised crypto news.