Bitcoin Bears are back. The weekly 55 EMA… $7400
$7400 shouldn’t surprise anyone, 20-40% corrections are commonplace in BTC price history.
Failure to the drive into Ichimoku Cloud resistance, the Swing High and failure of 9 & 20 EMA support prompted this chart, and although most know me as a bull we can’t let our bias get in the way of our technical analysis .
Measuring from the lowest body of the 2014 correction to the highest body of 2017, the Fibonacci Retracement shows typical support regions at the 55 and 90 EMA’s.
The pitchfork shows diagonal support blocking the fall to sub 5k.
Price has hit $8400 at the time of writing, the whole world of retail Bitcoin traders is watching this level and hoping for support.
Here’s to hoping 8k holds for the bulls!