Bitcoin after giving breakout above symmetrical triangle pattern few days ago , has now turned bearish. Yesterday, it has broken important level of $2418 and closed below it.
Lets take a quick look at chart below to know what is going to be next move in this script.......
In above chart there are following point to take note of:-
- Support 1: This prior support which is at $2428 level now has become resistance as yesterday bitcoin broke this support. This support is at very important level as one can notice on chart above that this support has given cushion for atleast 8 times in the consolidation which was happening for so many days. That is why its a very bearish signal for Bitcoin prices.
- 50 Days EMA: This red wavy line on chart above was another support at $2401 which was also being broken by Bitcoin yesterday. Now next visible support on chart above is at 2257 level.
- Volumes: Liquidity flow was also on higher side in yesterday's downmove, which signals a stronger sellers hands are now in play, which will put further pressure on Bitcoin prices.
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Now The Conclusion
In conclusion, I am inclined to say again that bias has no doubt turned bearish in Bitcoin. $2257 level which i marked in dotted horizontol line on chart above may provide some cushion, nut if sellers keep on pressurisng the prices, then this level can't hold for longer but its a only hope as far as now. And if today Bitcoin again closes below support 1 , then $2257 level will get broken and next solid support is at around $1856 level, so investors who are still on 'hodl' should prepare themselves to see bitcoin to trade at that level.
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