Support nearer $8,894 next or staight down to nearer $8,572.6

Bitcoin / Dollar BITFINEX:BTCUSD

Bears have taken hold. Market closed below offset 5 day MA point $9,380.13, and also below Thursday’s breakout open of $9,236.4. MACD bars turned negative for the first time since April 8. Price had a slight break beneath the upwardly sloping green trend line yesterday, and broken through it convincingly today. Price to test lower support levels. $8,894 is the 50% retrace of Feb6 Low – Feb20 High. $8,572.6 is 61.8% retrace of Mar12 High to Apr1 Low.

For explanation of low $8,750 turquoise (light blue) rectangle box, and $8,616 low of pink fractal box see previous posts.

By admin