There are several technical factors working against BTC-Bitcoin right now
The trendline is broken. I put out a blast saying the trendline would need to hold, but it is not holding. That is the main reason why I am bringing this to everyone's attention. There have been times when a trendline like this held in spite of having a daily close penetrating below the trendline. But in this case now trading is early and anything can over-ride my determination on direction. It seems like subtle changes are happening which are dragging it down, at least for now.
The faster 9 period moving average is showing how price is trending down now. And the upper location of the moving average is acting like a barrier, pushing it down.
The slower moving average set to 100, it is starting to revert back to the mean at where the origin of the rally noted on the chart is placed, which is at 10,000
And the daily chart is starting to print a series of lower highs and lower lows
The trendline is broken. I put out a blast saying the trendline would need to hold, but it is not holding. That is the main reason why I am bringing this to everyone's attention. There have been times when a trendline like this held in spite of having a daily close penetrating below the trendline. But in this case now trading is early and anything can over-ride my determination on direction. It seems like subtle changes are happening which are dragging it down, at least for now.
The faster 9 period moving average is showing how price is trending down now. And the upper location of the moving average is acting like a barrier, pushing it down.
The slower moving average set to 100, it is starting to revert back to the mean at where the origin of the rally noted on the chart is placed, which is at 10,000
And the daily chart is starting to print a series of lower highs and lower lows