Let's now look at the potential targets/support levels for Bitcoin if prices continue to drop.
We've already established and the market confirmed a bias below MA200 and our classic EMAs; EMA10/50/100/200.
We remain below these levels.
We also have a descending trendline holding prices down.
As long as prices remain below, we stay .
(NOTE) If prices move and close above MA200 ($9283), these signals become invalid and the scenario becomes possible.
Now, where will prices find support on the next drop?
Here we have the Fib. levels:
- 1) $9139
- 2) $9041
- 3) $8918
- 4) $8781
These are short-term targets.
If a 'real drop' starts to take shape, they can be all taken out in a flash.
If Bitcoin continues sideways , these levels can be tested little by little.
This is not financial advice and remember to have your own plan/strategy if you decide to trade.
The charts are always changing, so it is wise to plan ahead.
Thanks a lot for your continued support.
This is Alan Masters.