Bitcoin keep dropping, no support could keep it for long. The bear is waving, but maybe it's welcoming the bull?
Here is the daily chart, with Moving averages and RSI. We can see the yellow 50MA and blue 200MA is almost making the death cross, a couple days more down and it will cross. What would that have to say for the price of Bitcoin?
The Elliot Wave ABCDE correction I labeled up in last post is still valid, and I have filled the E wave with an abcde subwave wich could be finished anytime. It could be done already and valid by EW, but the e wave should also contain 5 subwaves, so it is likely to drop a bit more.
We are beyond support now, closest is the blue swing support at $6k. If this don't hold, we are in for a lower low around $5500-5600.
RSI is just about oversold at 30, and ideally it would spike below before bouncing in again like the february drop.
Volume is also too stable to justify bottom to be done.
I managed to do a stupid panic sell this morning, before the coffee, at $6980, so this last drop now really made me feel good again. Anyhow it was a small sale of 0.01, as I got the laddering in my fingertips.
I just need that morning coffee before looking at any charts :)
These are just my thoughts, not a trading advice.
If you have another view on this post your welcome to discuss and post your charts in the comments.
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