Bitcoinwas previously trending higher inside a wedge pattern but has since broken lower to signal that sellers aren’t quite done yet. The wedge spans $3,700 to around $4,200 so the resulting drop could be of at least the same size.
The 100 SMA crossed below the longer-term 200 SMA to indicate that the bitcoin path of least resistance is to the downside.
In other words, the selloff is more likely to gain traction from here. Price of bitcoin has dropped by around $300 so far and may still have some room to head further south.
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