Bitcoin and for the most part the entire crypto space took a nosedive in price this past 5 days. Some major indicators are suggesting we're going into a bear market but BTC is in an interesting and uncertain place right now.
A good bounce today could turn things around and continue the bull trend. The good news is we are seeing a bit of a bounce today. The bad news is it needs to be stronger! 💪
If Bitcoin can bounce up above the bearish indicators and close out this week strong it may be enough to pull us back onto the upward trajectory we've been on over the past year!
Looking at the chart, the major indicators we need to triumph over are this 200 day moving average and price line of $40,000 USD. If we can close out the day above $40K we've defeated 2 major bearish threats.
After that we need to continue a strong push up and catch up to the 50 day moving average. That would be a push up to around $55,000 USD.
The RSI is low which is good and could trigger more buying as it did yesterday when we dipped below 30. Time will tell how things pan out but we should have a clearer picture in the next few days and as this week comes to a close. 😬
Keep watching the charts! 📈
Please note : this is opinion and should not be taken as financial advice.