Update On The Previous Bitcoin Post

in #bitcoin5 years ago

In my post from yesterday I mentioned that the bulls ran out of momentum and some bearish signs appeared. Usually a sideways movement with a declining volume is a early sign for a crash. I hope nobody got burned :)

Bitcoin daily

The 0.5 Fibonacci retracement support level was broken, we will probably reach the 0.382 at 3736$ (Bitfinex chart). There were early signs for this correction: bearish M on the histogram, bearish MACD cross and of course, the unusual sideways movement that signaled an imminent move.

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BTC daily2.png

Moving Averages

The 21 day MA (yellow) was breached; we're currently finding support at the 100 day (red).

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BTC mas2.png

4h chart

As soon as the lower triangle trend line failed and we started closing candles below it, it was just a matter of time..

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BTC 4h2.png

steem --- line.png

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