The Epic Battle For The 200 SMA [Bitcoin Update]
Yesterday we had a significant bounce from the lows and we closed the day almost 1000$ higher. Today the bulls seem to be losing control. We had a very strong start of the day but as expected we got rejected at around 9500$.Obviously at the moment the level to watch is the 200 SMA ! We defended strongly that level yesterday and hopes were high for today, unfortunately bears had other plans for the day.
As you can see on the chart the last support we had at 9450$ has become the new resistance. The blue line is the 200 SMA (8952$) and if we close below it things might get very ugly. I guarantee you that many traders and short-term investors are watching this line very carefully. If we close below this line I expect a lot of TETHERING, which equals a lot of selling.
Bulls have two more hours to close BTC above 8952$, if not tomorrow will be a very interesting day. Last time we broke 200 SMA we went straight to 6000$.
Whats your opinion on the matter ? What do you think will happen in the next few days ? Feel free to share in the comments below.
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Yesterday's daily close could be bullish.
But today's is terrible.
I think paterne double tops, we left to test the support of 7660- 8050.
Target of the double top 7200.