Hello World,
Looking at BTCUSD on Bitfinex, the mother of all cryptos just dropped rather hard. In my post 2 days ago I mentioned the bearish divergence and the fact that we could not breach 21 EMA / 20 MA on the Weekly timeframe. This rejection resulted in a very expected drop. At the moment of writing this post BTC is supported by 21 EMA on Daily and is still in the rising channel. Of course the big question is how far down are we looking to go and this is for the market to decide.
Closer Look
On the 4H we see that we also got support from the lower boundary of the rising channel staying within it. Falling out of it will mean lower prices revisiting 61.8 FIB in my opinion. Can we go lower? Yes. At the moment I am using the wait and see approach for BTC.
Hope you enjoyed this analysis and if so, hit the follow here and on Twitter @CryptoMasque
*** Legal Disclaimer***: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs.