Bitcoin continues its freefall and is attempting to make a lower low. The bounce from $7,600 couldn't gain traction, and BTCUSD looks toward continued selling.
The daily chart remains broken, with the Bitcoin price trading below both its 34 EMA and 89 SMA. Late last week, the 34 EMA traded below the 89 SMA, making a "bearish moving average crossover." All signs point to lower prices for an extended period of time.
The 4-hour chart also is broken, with the same technical picture intact. BTCUSD trades below both the fast and slow moving averages. There are no signs of bullishness, and Bitcoin will have to discover its next level of support. The 34 EMA is valued just below $9,000, and until the price can move higher and retake that moving average, the bearish price move should continue.
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