"It's over", Moving Average declares.
Hi again bitcoin traders :)
Following what I've done yesterday, I'm moving to a bigger time-frame period and trying to see how this bearish reversal affected the current week's price evolution.
Despite this one has been a very important bullish week (inside a deep downtrend), today's reversal shows that bulls aren't that strong after all. As it looks, the 200-MA (in red) has finally taken a slide downwards, pushing down the price more than 400 dollars in today last four hours as per UTC. It has, also, played as a stopper to the bulls rally that four hours before looked pretty much stronger. At the same time, while the 50-MA (in yellow) situated at around 6.8k is working as support and the 100-MA (in blue) at around 8.7k is doing as a hard resistance, the candle is starting to look like a Doji one. If that resistance line drawn at 8.5k ends up being as strong as it proved to be in the past, it will be over.
Maybe I'm too stoned and it's too early to called it over, Let's see what happens and how this week ends.
Peace out.
Following what I've done yesterday, I'm moving to a bigger time-frame period and trying to see how this bearish reversal affected the current week's price evolution.
Despite this one has been a very important bullish week (inside a deep downtrend), today's reversal shows that bulls aren't that strong after all. As it looks, the 200-MA (in red) has finally taken a slide downwards, pushing down the price more than 400 dollars in today last four hours as per UTC. It has, also, played as a stopper to the bulls rally that four hours before looked pretty much stronger. At the same time, while the 50-MA (in yellow) situated at around 6.8k is working as support and the 100-MA (in blue) at around 8.7k is doing as a hard resistance, the candle is starting to look like a Doji one. If that resistance line drawn at 8.5k ends up being as strong as it proved to be in the past, it will be over.
Maybe I'm too stoned and it's too early to called it over, Let's see what happens and how this week ends.
Peace out.
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