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BTC/USD Slumps 5% in Minutes, Bears Returning?
Bitcoin recently broke below the bottom of the symmetrical triangle on its 4-hour time frame, possibly leading to a drop that’s the same height as the chart formation. In addition, the price also broke below the rising trend line support that’s been holding since mid-July. The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to gain traction than to reverse. Price is moving below both moving averages to signal that these might hold as dynamic resistance levels. RSI is heading lower but already seems to be dipping ... (full story)
