Bitcoin analysis. Correction or downtrend? (#13)
Are we on the beginning of the downtrend, or we will experience ranging price till the beginning of futures trading?
We are the witness of trend change in Bitcoin price. The key question is it this major return point or is just tactical retreat and start of ranging price till futures trading start?
We have MA9 and MA26 averages crossing indicating trend reversal. Price punched through 38.2% Fibonacci level and licked the 50% retracement level and also punched through resistance line formed from beginning of December. This was close to MA90 average. Some more weight to falling price add steep descent of RSI oscillator and in my opinion if price descends to the the 61.8% retracement Fibonacci level this will be the turning point for further downtrend.
If the price will rebounce from MA90 average or even stays above resistance line we shall experience just a little longer correction and upwards trend will be resumed.
Is this silence before storm or what? Clearly everybody waiting for next week when much can change. I close my Bitcoin positions to have peaceful weekend and relax a little before round 2.
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