Bitcoin (BTCUSD) broke and closed below EMA10 ($9278) and is now moving below EMA50 ($9191)... This can tell us that we might be looking at more red.
If we go by the EMAs, the next support is sitting at $8956 or EMA100, the purple line. If this level fails, MA200 at $8473 goes next...
Volume is still low and this move needs time to develop. If the bears fail to gain momentum and prices move back above EMA10 ($9278), we would switch from bearish to bullish... For now, we see Bitcoin going lower.
While Bitcoin goes lower the altcoins (all altcoins minus top10) can start/continue to grow and continue to generate great gains.
Leave a comment with your thoughts.
Namaste.
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