Bitcoin has breached a major support zone!
Price has fallen through its range support at the $31,000 mark and also the $30,000 major psychological level, likely drawing more sellers in.
However, Stochastic is indicating oversold conditions or exhaustion among bears, so turning higher might still keep losses in check.
Is BTC/USD a buy or a sell?
The 100 SMA is below the 200 SMA to signal that bearish momentum is very much in play, possibly resulting to a drop that’s the same size as the rectangle chart pattern.
The Rectangle size is 4500 large, resulting in a drop to 26500.
What do you think? What are your opinions on this?
Price has fallen through its range support at the $31,000 mark and also the $30,000 major psychological level, likely drawing more sellers in.
However, Stochastic is indicating oversold conditions or exhaustion among bears, so turning higher might still keep losses in check.
Is BTC/USD a buy or a sell?
The 100 SMA is below the 200 SMA to signal that bearish momentum is very much in play, possibly resulting to a drop that’s the same size as the rectangle chart pattern.
The Rectangle size is 4500 large, resulting in a drop to 26500.
What do you think? What are your opinions on this?