Bitcoin started dropping from 7600$ after price rejected at 21MA and dropped afterward.
Analysis:
Bitcoin bounced from 6428$ after making a new lower low.
What to expect next?
On the daily timeframe, we can see price is moving inside a large falling wedge, the price can break out from this wedge as long it bounces from wedge support.
I think Bitcoin had found a temporary low and can try to break above 21MA on a daily timeframe again - which is at 7200-7300$.
I wanted to see bitcoin to make support above 21MA daily to flip bullish on the higher time frame.
As of now, Bitcoin is still bearish, can reach 5500-6000$. Invalidates only if bitcoin manages to flip 21MA - Daily as support.
On Monthly Timeframe, Bitcoin needs to close the monthly candle above 21MA to remain bullish.
Monthly analysis:
Analysis:
Bitcoin bounced from 6428$ after making a new lower low.
What to expect next?
On the daily timeframe, we can see price is moving inside a large falling wedge, the price can break out from this wedge as long it bounces from wedge support.
I think Bitcoin had found a temporary low and can try to break above 21MA on a daily timeframe again - which is at 7200-7300$.
I wanted to see bitcoin to make support above 21MA daily to flip bullish on the higher time frame.
As of now, Bitcoin is still bearish, can reach 5500-6000$. Invalidates only if bitcoin manages to flip 21MA - Daily as support.
On Monthly Timeframe, Bitcoin needs to close the monthly candle above 21MA to remain bullish.
Monthly analysis:
