Bitcoin declined sharply today, losing close to 4.71% in fifteen minutes this morning.
After experiencing a massive rally earlier this year, the world's most prominent cryptocurrency, three hour ego, has decreased unexpectedly from $10,100 to $9,655 in just 15 minutes. After three attempts, It has broken the short term support line with this drop.
I have provided you with the BTCUSD graph taken from Binance.com.
As you see below, this sharp fall occurred at 06:00 this morning. Bitcoin is now trading at $9,867.
What is next after this massive drop?
Nowadays Bitcoin is consolidating around $10,000, forming a descending triangle pattern since June this year as you see below in the graph.
But we are coming to the end of this formation.
Major Support Levels to Watch?
We need to pay close attention to 21 weekly EMA which is around $9,300.
Another support line is rising blue line in the graph above, which is around today $9,460
On the weekly chart MACD still produces a sell signal as the histograms' bars are increasing in the negative region.
RSI has been decreasing and can not break the downward sloping resistance. So this means that Bitcoin has some room to decrease over the weeks.
If Bitcoin goes below this levels, we have to watch $7,300 levels.
Thanks for reading. I hope you’ve found it helpful.
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