Bitcoin has come closer to 350 MA. If the price goes lower / crossing that 350 MA, the trend would probably go more bearish. The opposite can happen if smart buyers jump in and buy with high volume to push the price up, and again that can be quick profit taking action. Investors need to be more careful this time. Target H: $ 9000 L: 6500
NOTES:
- This is not financial advice so please do your own diligent before investing
- Never invest more than you can afford to lose
- Technical Analysis is not pure science
- Market is not something that can be predicted accurately because of the behaviors of investors
Theory:
Technical analysis employs models and trading rules based on price and volume transformations, such as the relative strength index, moving averages, regressions, inter-market and intra-market price correlations, business cycles, stock market cycles or, classically, through recognition of chart patterns.
In finance, technical analysis is an analysis methodology for forecasting the direction of prices through the study of past market data, primarily price and volume.
https://en.wikipedia.org/wiki/Technical_analysis