A quick recap to the last Bitcoin’s price action from the past week: After touching the 200-days moving average line (~$9060), Bitcoin got rejected and quickly dropped into the $8600 support area, after creating a wick down to $8450.
Since the first touch on this crucial support line (four days ago), we had seen Bitcoin trading around $8600. However, there was a negative bias in the recent price action, as mentioned in the previous price analysis.
The $8450 support line had seen three attempts, over the last four trading days, that quickly got picked up by the bulls. As of writing these lines, minutes ago it was the first time that this significant support level seems to be cracking down. For the first time in ten days, Bitcoin was trading for under $8400.
Is this the beginning of another bearish leg to the downside? Will the $8450 support hold once again? It’s hard to say as of writing this update; however, there is tremendous support nearby that might hold Bitcoin. Read More...