Bitcoin’s range bound pumps and dumps have become commonplace over the past six weeks. Another slide a few hours ago should not be cause for alarm then as BTC failed to register further gains. It is now in danger of heading back into four figures for the fifth time.
Four Figure Bitcoin in Play … Again
Another day, another dump. It is a pattern we have seen countless times this year as bitcoin bounces between levels of support and resistance. Yesterday’s high of $10,840 could not be maintained and there was no move towards the next resistance level above $11k. Consequently BTC slid back again in a rather sharp decline to bottom out at $10,130 according to Tradingview.com.
The king of crypto paused there momentarily but is looking unsteady and could well fall back below $10k today. The ‘golden cross’ on the hourly chart following four days of gains is likely to unravel as the ‘death cross’ on the four hour chart starts to form. These both happen when a faster moving average crosses a slower one. At the time of writing further losses were looking imminent as bitcoin traded at 00.
According to trader ‘CryptoHamster’ the weekly trend line has been broken and panic is starting to set in which could see bitcoin back at support in the mid-$9k region again soon.
Yep, that support line was too obvious to hold.
Broken downwards and touched 23.6% Fibo level.
Oversold, but there is no pull-back, and panic is all over the place with calls of 9.5k, 8k etc.
Fear and greed index is 11 again.