The fact that BTC has never dipped below MA 120 (blue line as marked) since the end of 2016 makes MA 120 the boundary between bulls and bears by default, but today, price just breaks below it, what's your comments for this?
See the original analysis from Kuang Ren, and feel free to leave your comments below:
The fact that BTC has never dipped below MA 120 (blue line as marked) since the end of 2016 makes MA 120 the boundary between bulls and bears by default. Finally, price broke below MA 120 after closing at 8 am this morning, meaning that market has stepped into the bearish segment. Though it’s hard for some investors to accept that, that’s just how market goes, the best thing we can do now is to trade in a bearish mind. Except that price manage to remain above MA 120 with huge volumes, or we’d better take a rest.
Though bears pull price down to the strong support at $9,800, bid orders set at the bottom are still insufficient, making it clear that the support at $9,800 may not be able to hold price up, nor will it bring price back above MA 120.
$9,8000, the highest level among the 3 support levels as marked, has been the strongest support so far, we can’t imagine what will happen next if price breaks below $9,800, price will find further support at $7,200 and near the area between $5,000 and $5,400. Overall, price remains bearish on weekly chart, as mentioned in my previous analysis, do not buy any chips until price moves back and remains above MA 5.
Original by Kuang Ren, translated by AICoin Jami.
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