BTC Update and Overview

BTC took another hard fall between last night and this morning. Falling from around 10k all the way to $8,400. Two day's ago BTC fell out of channel and found support on it's old resistance. After last night it would appear that support has once again become resistance and we're back into the down channel from last week. Ma's are still underwater, with the macd pointing down as well. RSI is oversold so we could see a bit of a pull back but overall there's no clear sign of this reversing yet. Next main support is 7k but there will be heavy physiological support at 8k. It's proven that even numbers act as physiological support so for BTC every $500 and 1k mark always have the potential to have support.

It may of taken a long time but it looks like the second head and shoulders could be playing out. The previous one took 5 days before the drop. This one will have taken 7 days. If this holds true we should see the drop to $7,000 before starting our way back up. If you have extra fiat, wait for a clear sign of reversal before entering or ladder buy on the way down to be safe. If your money is all invested, don't panic sell! Markets go up and they go down. Be patient, take some time away from the computer and check back in a week or so. There's nothing you can do now so do yourself a favor and don't stress over the charts.