We hit a downward trendline after bouncing up from the 0.5 Fib of the last leg up. The 50/200EMA however has crossed up. We'll have to look at the test of this cross. A clean break will invalidate it and continue the downtrend. A bounce from the test may indicate a further test of resistance of the trendline and a possible break up. I'm more inclined of a continuation of the downtrend but we'll have to see how this one pans out.
https://www.tradingview.com/x/OSrAyxs4/
https://www.tradingview.com/x/OSrAyxs4/
We've broken down through the EMAs. The first area I will see a (small) bounce happening is at the 12000satoshi area where the 50% fib retrace level is. For now it seems we are continuing the downtrend, I will look for lower prices to target if momentum keeps up.
https://www.tradingview.com/x/Xbpw7efl/
Target hit. If we break support here my next target is the 9500 satoshi area where the 61.8% fib retrace is, we may also test the 1h EMA resistance first. A 4h 50/200EMA downcross is also near, making this a potential mid term correction.
https://www.tradingview.com/x/05c8zEF8/
It seems the 4H 200EMA is providing support at this moment. If momentum reverses from here we will have to look for another setup, with the first target being the 50EMA on the 4H or the 200EMA on the 1H (being the same thing essentially). If support does break here the target of 9500 satoshi area is still in effect.
https://www.tradingview.com/x/X0U9cYbP/
The downmove did not keep its momentum and reversed. It has tested the 1H 200EMA. We'll be looking at another test with either a rejection keeping the 9500satoshi area in play, or a break upwards with a test of the downward resistance soon. I am neutral for now.
