The price
of Bitcoin continues to fall after the SEC postpone another decision on whether
or not to accept a Bitcoin ETF. Just 12 days ago, the SEC had already denied
another proposal for the creation of the first Bitcoin ETF, causing the price
of the cryptocurrency to drop below the 8000 level. The 200 day EMA (blue line)
at the 7769 level was holding the price temporarily, but the price falls to the
55 day EMA at the 7260 level. From the 55 day EMA, the price of Bitcoin makes a
bearish gap to fall to the 6717 level. On the daily chart of Bitcoin we can see
that its next support could be the 6000 level or the low at the 5769 level. On
the other hand, if the price retraces to the upside, the same 55 day EMA which
acted as support could change its role to resistance. Above the 55 day EMA, the
200 day EMA may also act as resistance.
Looks like it will keep pushing lower.
ReplyDeleteThank you for the analysis.
ReplyDeleteLet's see how it will develop.
ReplyDeleteVery helpful analysis, thank you for sharing!
ReplyDeleteInformative review on current market conditions.
ReplyDeleteThat's good to know, thanks.
ReplyDeleteImpressive drop.
ReplyDelete