Bitcoin Crushed, That's called bearish Divergence played-out!!
Technical analysis:
Welcome to this quick update everyone, This was something unexpected. A 19% price drop from $52956 to $42900 is no joke, thats called bearish divergence played-out and A complete market manipulation. The drop in BTC price has certainly taken a bearish turn forming two important supports. Support 1 is at $46700 from where the BTC price is bouncing back, currently. Support 2 is at $42900, a strong support where BTC left a long shadow.
The most worried part is BTC has gone down below the 200 MA. Last time when BTC broke down below the 200 MA in 4 hours TF was on 12th May 2021 (112 days ago). That wan the time when BTC fell almost 50%.
If BTC do not show any sign of bounce back from Support 1 then it'll likely test Support 2 and then further below.
In the daily time frame, BTC is still above the 200 MA ($46200). In order to stay bullish, BTC must close above the 200 MA and show some bounce.
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Trade well, 💪
#bitcoin #crypto #nextmove #bullmarket #sideways #btcusdt #dailyclosed
Welcome to this quick update everyone, This was something unexpected. A 19% price drop from $52956 to $42900 is no joke, thats called bearish divergence played-out and A complete market manipulation. The drop in BTC price has certainly taken a bearish turn forming two important supports. Support 1 is at $46700 from where the BTC price is bouncing back, currently. Support 2 is at $42900, a strong support where BTC left a long shadow.
The most worried part is BTC has gone down below the 200 MA. Last time when BTC broke down below the 200 MA in 4 hours TF was on 12th May 2021 (112 days ago). That wan the time when BTC fell almost 50%.
If BTC do not show any sign of bounce back from Support 1 then it'll likely test Support 2 and then further below.
In the daily time frame, BTC is still above the 200 MA ($46200). In order to stay bullish, BTC must close above the 200 MA and show some bounce.
🥰If you find this helpful and want more FREE forecasts in Tradingview😍.
Please show your support back🙏,
Hit the 👍 LIKE button,
Drop some feedback below in the comment✍️!
❤️🤝 Your Support is very much 🙏 appreciated!❤️🤝
💎 Want me to help you become a better Crypto trader?
Now, It's your turn!
Be sure to leave a comment; let me know how you see this opportunity and forecast.
Trade well, 💪
#bitcoin #crypto #nextmove #bullmarket #sideways #btcusdt #dailyclosed
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