Warning! How Far Down Will Bitcoin Go? $44K, $30K, $20K & More

Bitcoin is moving below EMA100 on bearish momentum for the first time since May.

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When Bitcoin moved and closed below EMA100 in May, we had the strongest correction of the year.

Now, Bitcoin going below EMA100 can signal that something similar can show up.

We have bearish indicators.
The MACD is below zero and trending down strong.
While the RSI is at 39 trending/aiming lower.

Note: The trading volume is still low and candle closure is needed for confirmation, meaning that prices can bounce but the bearish bias is now becoming really strong.

How far low can Bitcoin go?

For the answer we go back to the three (3) scenarios we looked at before.

1) Taking out 1 support level and then bounce. That would be around $50,000.
2) A stronger drop before the bounce. That would be around $44,000.
3) Long-wick fast/sudden drop that most people won't expect. This can take us to $30,000.

What's your take?

We are now in-between 2-3, a strong drop with a long lower wick, sending prices low before a long-term recovery!

Let's see how it goes.

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