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Bitcoin - A Key Technical Support break, What's Next

Bitcoin short idea

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It's hardly a secret anymore, but the cryptic balloon is exhaling at a very fast pace, and the last Low in Bitcoin's price has confirmed the bearish trend. The price managed to keep in several consecutive bars below 200SMA, also performing a successful breakthrough test. 200SMA has always been relevant to most of the trading tools, but what we need to keep in mind at the moment is that the average matches with diagonal and horizontal - already drilled. The struggle between sellers and buyers on the level suggests that bears are the strong of the day, forming a swallowing bar. A 50% upward trend correction has long been in the history and so the "hanging" price does not bode well - the $2600 road looks clean.


 Trader Petar Milanov

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