Bitcoin: Bearish trend seems to continue
So far we can clearly see that 18 DMA (green line) was broken. While the price was going down from 42K to 31K before, 50 DMA (orange line) has played a support role and another bull cycle started after the price touched that line.
Now, there are two possibilities:
1- Price will keep going down till touching 50 DMA and we will see strong support around that line. (let's pray for this for continuing bull market in short/mid term)
2- Price will keep going down till touching 50 DMA and will make sideway for a couple of days around 50 DMA line (41K). After that sideway, we will see another downward leg towards 32K (around 0.5 fib or 100 DMA)
Now, there are two possibilities:
1- Price will keep going down till touching 50 DMA and we will see strong support around that line. (let's pray for this for continuing bull market in short/mid term)
2- Price will keep going down till touching 50 DMA and will make sideway for a couple of days around 50 DMA line (41K). After that sideway, we will see another downward leg towards 32K (around 0.5 fib or 100 DMA)
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