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BTC/USD: Does the Bearish Wave Continue?
The bearish trend is gaining momentum after the price has broken through the 200-day moving average (200 MA) on the daily chart.
If in the near future the exchange rate does not quickly return to the zone above $9,000, sellers' pressure will increase, and the price may drop below 50 SMA and further to $ 8400 (this barrier served as a strong resistance for most of October). Summing up, the bearish scenario prevails, as Bitcoin has not faced drop yet after a ’Death Cross’ pattern formation.
If in the near future the exchange rate does not quickly return to the zone above $9,000, sellers' pressure will increase, and the price may drop below 50 SMA and further to $ 8400 (this barrier served as a strong resistance for most of October). Summing up, the bearish scenario prevails, as Bitcoin has not faced drop yet after a ’Death Cross’ pattern formation.
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