Never hold too much weight to a specific MA... the 200MA was not a reliable indicator given the recent months price action... just sayin. I show the 21 Week MA just for fun.
BTC appears to be forming a bear flag on the daily chart. Interestingly, the breakdown potential target matches almost exactly the range for a double bottom.
Currently BTC is testing the ~$3,600 level which has been highly reactive throughout the recent downtrend. It also appears to be testing the bottom of a possible new uptrend channel. If price holds here it's possible there would be a rally to test the top of the large downtrend channel. On the other hand... if price fails here and breaks below these support...
BTC appears to be forming a massive symmetrical triangle on the daily chart. Watch for an initial bounce off of the bottom around 7K. If BTC breaks down from this formation things could get really ugly really fast.
A massive bear flag has formed on the COINBASE:BTCUSD 4 hour chart with a small bear flag now being formed inside the flag. Things are not looking so good for COINBASE:BTCUSD . It is extremely likely that we will see a breakdown of these formations within the next 48 hours followed by a retest of the ~$6000 territory.
