Bitcoin Technical Analysis: The Bears Strike Back

Bitcoin has broken down and out of the larger rising wedge its been consolidating in for the last 3 weeks. Price dropped as low as $8,000 before bulls pushed it back above $8,200. A DECISIVE break below $8150 (daily candle opening and closing) would signal a larger drop to at least $7,500 in my opinion. Daily volume is relatively strong at $27.9 billion.

Price dropped quickly below the 8 day EMA, which had been acting as support.

In today’s analysis I discuss where price may be heading next, key areas to watch, possible buy/sell targets and so much more. I hope you

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