Bitcoin 1D Trend Analysis
Another simple analysis / update on our trend (Not a price prediction - as I don't like to do that).
As always, trade safe. Do your own charting. Follow your experience, not others. Good luck!
- Under the 50 simple moving average (Green to red line) = BEARISH
- Still trading well under the 200 daily simple moving average (blue to orange line), which is a historical indicator for what kind of trend we are currently in = BEARISH
- For the first time since this downtrend from ATH, we are now trading underneath the 200 daily smoothed moving average (Yellow line) that has now become resistance = BEARISH
- Both the wick and the candle have failed to break back above the 200 smoothed moving average. If next daily candle continues underneath this line, I imagine we will have more downtrend coming until confirmation says otherwise. 17 hours from now will tell the story.
As always, trade safe. Do your own charting. Follow your experience, not others. Good luck!
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