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 find helpful.
Video Analysis:
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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