BTC seems to have not broken the bearish trend yet. It would have been more positive if the price remained above 11,300. BTC looks like it have re-entered the downward trend again. We have good support at 10k, 9.5k and 8.5k.
If it's dropping, it might as well drop to 6k creating a double bottom which will put an end to the bearish trend. The market can then feel confident and start recovering.
MACD looks bearish and BTC's price seem to stay below 20 day average in the bolinger band.
Do let me know what you think.
As always a newbie trying to learn the ropes of technical analysis. Please do not take this as trading advice.
If it's dropping, it might as well drop to 6k creating a double bottom which will put an end to the bearish trend. The market can then feel confident and start recovering.
MACD looks bearish and BTC's price seem to stay below 20 day average in the bolinger band.
Do let me know what you think.
As always a newbie trying to learn the ropes of technical analysis. Please do not take this as trading advice.
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