Bitcoin at crucial support around 46k$ testing the 200 daily MA
Bitcoin tests the 200MA at the same level we have the purple central line of the accumulation box indicated by the thick orange and bright green lines.
We are within this accumulation box for 241 days yet and holding the central line is important to stay within the upper bullish zone.
The current drop looks too steep for a long term trend and price volatility calmed down a little bit just above crucial support lines.
The RSI shows that we are just above 30 and currently in a downtrend indicated by the yellow line.
We expect Bitcoin to hold the 46k$ line, maybe consolidate a week, and move back up to the 60k$ levels.
This would result in a breakout of the yellow downtrend lines on the price and RSI chart.
Keep in mind that often times we feel doomed or the opposite invincible, this is the time we are wrong and reversals happen.
So ask yourself how you feel and what it means.
Feel free to comment or ask anything you like.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
Ctumbler
We are within this accumulation box for 241 days yet and holding the central line is important to stay within the upper bullish zone.
The current drop looks too steep for a long term trend and price volatility calmed down a little bit just above crucial support lines.
The RSI shows that we are just above 30 and currently in a downtrend indicated by the yellow line.
We expect Bitcoin to hold the 46k$ line, maybe consolidate a week, and move back up to the 60k$ levels.
This would result in a breakout of the yellow downtrend lines on the price and RSI chart.
Keep in mind that often times we feel doomed or the opposite invincible, this is the time we are wrong and reversals happen.
So ask yourself how you feel and what it means.
Feel free to comment or ask anything you like.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
Ctumbler
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