After the Drop Bitcoin Trading as Expected!

Midday Tuesday Bitcoin sold off hard crashing through the 9,400 support and getting as low as 8k and even lower depending on the exchange you use.

After that spike sell off, which was playing out while I was on air doing the scaredy cat investor show on MSPWaves, I said that the sideways action that began to occur on the hourly chart would likely continue for several hours as the 10 period average played catch up.

Now that price hit that average will we leg down?

Looking at the hourly chart in this post. Price has hit its head on the 10 period as it has come down with price consolidating and the action looks like there is still pressure on the sell side. 8,500 seems to be the level that price opened and closed on several hourly candles so it will be interesting to see if price holds that or even tries to push through the moving average to the upside.

What I’m looking for though is another leg down. I have buy orders in down at 7,650 and I already bought a little just below 8,500.

I’m actually rooting for another leg down because I’d love to buy lower.

About the author: TIMM Trader

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