Technical Observation

As unlikely as it may seem, BTC went below the lower 152 Simple Moving Average and is still rallying below it. While the price is below it, I expect a decline in value towards $7,808.20. As it is on the 1 hour chart, its good to remain flat but if I have to trade, then I may consider a low risk sell position with my first take profit at $7,808.20 and the next at $6, 689.80. On its way to the lower side, the key lines to look for include $7, 808.20, $7,328.20, $6,848.20 and $6,689.80. If these lines are breached then bitcoin could crash further to $5k.

Trade Signal.


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