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Bitcoin Bearish Scenario on the Weekly: $5000 here we come?
Not looking very promising for the bulls on the weekly chart. We are continuing to set lower highs and lower lows. We do, however, have some major supports that need to be broken if we are going to test the lower low of $6500. The 55 EMA, as well as an upward trend line, are still providing solid support.
Put simply, if we break below the $7000 range, we will most likely test the $6500 range to see if we are headed for lower lows. If $6500 is broken, then we will be seeing much lower prices, possibly down to $5000.
Be safe out there, cryptoholics.
-TayTrox
Follow me on twitter for honest, unbiased TA... @Taytrox_Trading
Put simply, if we break below the $7000 range, we will most likely test the $6500 range to see if we are headed for lower lows. If $6500 is broken, then we will be seeing much lower prices, possibly down to $5000.
Be safe out there, cryptoholics.
-TayTrox
Follow me on twitter for honest, unbiased TA... @Taytrox_Trading
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