The Dead Cat Bounced! Who Warned You First? Bitcoin! (BTC)

Hi friends! Welcome to this update analysis on Bitcoin! Let's jump right in. Looking at the four hour BTC chart, we can see that the selling in BTC is beginning to accelerate, as it plummets toward my "bear flag target." So many people didn't want to believe my bear calls. I wonder if they believe them now? We can see that BTC has broken below the red support level. If you recall from my last BTC post, I said that I didn't think it would be very supportive, and we can see that it isn't. In fact, it appears as though BTC is just building a small bearish consolidation below it, at this point. Technically, BTC appears to be confirming that level as new overhead resistance. Looking at the MACD, we can see that it's continuing to expand to the downside, as red volume begins to increase in this market. On the way down, BTC may find support next at the previous low ($9,005,) denoted by the blue dotted trendline on the chart. Just below that, we have the 78.6% retrace, which could also be supportive. A break below the 78.6% retrace, will put the bear flag target in BTC's sights. If, by some miracle, BTC manages to break back above the red resistance level, the 61.8% retrace would be the next upside target. Overall, BTC has entered a zone that doesn't have a lot of downside support, so there won't be much to stop it if panic sets in. Watch those key levels, and stay safe traders!

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

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-JD-