Bitcoin is down nearly nearly 2% today as price dropped below the $3,800 support. It’s currently trading around $3,700 on Coinbase. This move was not unexpected as we’ve been watching price consolidate for nearly a week.
Looking at the daily chart, we can see it’s broken below the 21 day EMA. The next major support sits just above $3,600 on the 50 day MA.
Zooming all the way out on the weekly chart, we can see just how bearish the market still looks. I pointed out last week the tightening of price within what looks like a larger bearish pennant.
In today’s video analysis I discuss, where price may be heading over the coming days and months. I also review key areas to watch, possible trade entry and exit points, traps to avoid and so much more. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
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