Today BTC tested the support on the region between 9k ~ 9.3k. The bulls took action after a recent recent new low. Right now, BTC is being negotiated above the 9k ~ 9.3k, but below EMA 50, which was an important support (now a resistance).
Although BTC is being traded with slight gains compared to yesterday's closing, there are no signs yet that we have reached a bottom. On the contrary, when we look at MACD we have the sensation that the prices will continue to fall freely.
Two final points:
1) Note that the price reached the bottom of the uptrend channel and went back. Now the old support is a resistance (and, in my point of view, a strong one).
2) Volume is in a downtrend (and remember: "volume goes with the trend").
Analysis for educational purposes.
Although BTC is being traded with slight gains compared to yesterday's closing, there are no signs yet that we have reached a bottom. On the contrary, when we look at MACD we have the sensation that the prices will continue to fall freely.
Two final points:
1) Note that the price reached the bottom of the uptrend channel and went back. Now the old support is a resistance (and, in my point of view, a strong one).
2) Volume is in a downtrend (and remember: "volume goes with the trend").
Analysis for educational purposes.
