About 1 week ago #Bitcoin got rejected at the daily 200 SMA and has now fallen below the 350 SMA which means that Bitcoin was too weak to break out.
#BTC price will drop into the support zone which is between $40888 - $37497 and will go range bound in this zone for several weeks I think.
BTC should not retrace much below the 0.618 Fib retracement (~$38780), because in this case it will create lower lows and break the small upwards trend we are currently in since January 22nd!
Furthermore, on the 5-day chart (not shown on the chart) we can see a big warning signal, because the Gaussian Channel has changed from green to red which is very rare and a quite bad sign for Bitcoin!
Disclaimer!
We (Asset-Ethology) are not a financial adviser. For educational purpose only!
You can use the information from the post to make your own trading decisions.
Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
#BTC price will drop into the support zone which is between $40888 - $37497 and will go range bound in this zone for several weeks I think.
BTC should not retrace much below the 0.618 Fib retracement (~$38780), because in this case it will create lower lows and break the small upwards trend we are currently in since January 22nd!
Furthermore, on the 5-day chart (not shown on the chart) we can see a big warning signal, because the Gaussian Channel has changed from green to red which is very rare and a quite bad sign for Bitcoin!
Disclaimer!
We (Asset-Ethology) are not a financial adviser. For educational purpose only!
You can use the information from the post to make your own trading decisions.
Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Crypto and blockchain enthusiast
www.investingcrypto.online
www.investingcrypto.online
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