In this article we are going to discuss the recent move of Bitcoin, possible targets, possible new support lines. We made an update yesterday about BTC price action with this scenario included, setting exact targets of this move. Go ahead and check the previous technical analysis in the link below.
Previous Analysis
Bitcoin just broke down of the descending wedge previously formed on the 1 hour chart after reaching a new high of 15960$. The main cause of this pump was the uncertainty of the elections in the US, causing a dump on Dollar index, and raising the price of Bitcoin, Gold, and other currencies.
As previously mentioned, we suspected a downbreak of Bitcoin if the price falls below 15280$, which happened today, and also mentioned that this will lead us to 14400-14800 price range. The 40 EMA in this case will act as the first support line around 14575$, second support line will be the previous high of 2019, 14100$. But what happens if we break through both support lines?
Falling from 14100$ may lead us back to trading around 13400-13800$.
As shown in the chart, our MACD indicator turned bearish on the 4 hours chart since bitcoin falled from 15360$. But for now the most important aspect is to hold the support lines until the correction is done.
This is not a financial advice, please do your own research, trade wisely.
We would appreciate a follow, a like, a tip and a comment of your thoughts what is the next move.
Thanks for your attention,
Crypto Army
