Bitcoin Technical Analysis: PRICE DROPS…NOW WHAT?

Bitcoin is down nearly nearly 2% today as price dropped below the $3,800 support. It’s currently trading around $3,700 on Coinbase. This move was not unexpected as we’ve been watching price consolidate for nearly a week.

Looking at the daily chart, we can see it’s broken below the 21 day EMA. The next major support sits just above $3,600 on the 50 day MA.

Zooming all the way out on the weekly chart, we can see just how bearish the market still looks. I pointed out last week the tightening of price within what looks like a larger bearish pennant.

In today’s video

About the author: Workin 2005

Crypto: Hated by governments, banks and dictators. Loved by all those who believe in true freedom. Retired airline pilot...full time crypto enthusiast. #Freedom