Is the slide now coming to the basement?

Bitcoin as an indicator for the entire crypto market is scratching at the door to the abyss. In a previous post I showed this chart and pointed out the importance of the price level at 50466$. The Asian trading time shows again neat volatility and could now break through this important mark.

A good run-up to the moving averages can often be observed on the 6-hour chart. The MA 200 is very important, because bounces are very likely at first contact. Here we see 2 touches and immediate bounces before. Now the situation has changed, the average was now broken through and then there was even a renewed attempt to conquer this again. However, the attempt failed and we fell back down. The MA 200 has now mutated into a moving resistance.

The zone could also be used as a trigger for a possible shoulder head shoulder. As soon as an important low is approached again and defended, the bulls must show strength. If this strength now fails to materialize, then this zone will be approached again and probably broken. The stop losses are likely to have accumulated below this zone and if these are triggered, then an avalanche is triggered.

Source: (Guidants/Godmode Trader) & JFD Broker & Binance

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