and other cryptocurrencies are crashing. There is a lot of damage in the technical situation. All of a sudden Bitcoin/USD crashed to a support line in SMA
. Bollinger Bands
indicate an oversold condition and a similar level to a prior decline. If the SMA
and the support line in the Bollinger Bands
can resist further decline, then the first target is breaking the red line, which currently stands at a level of 2140-2150. This is the first step to smooth the downtrend. If the Bitcoin
hits the red line but falls back a new decline is under construction. The decline can reach 1174 in the short term but that's a bit exorbitant, I calculate a decline to the 1500 level is the most realistic scenario. This green line has an 'age' of 2 years and has to provide reinforcement, but only if the price falls below the 1800-1812 range ( SMA support zone
). The least we can say, is that the bitcoin
price is located in a desert storm between bulls and bears. The present situation gives potential bulls on the short term a million-to-one shot by forming a small hammer
, but on the long term bears a going to push the price down.
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