Bitcoin Daily Chart: A bearish move was anticipated
For the past three and a half months, BTC has been building a volume platform that has so far supported the price action. However, losing the 50-DMA is not a bullish sign.
Additionally, shorter-term moving averages are trending down, clarifying price direction.
A bearish move was anticipated as a significant likelihood considering the weekly setup analyzed in the Trading Compass.
Price has to bounce quickly: $64,180 is the line in the sand that cannot be lost by the end of this week, and also 5DMA has to be recovered as a good faith bullish gesture.
Image
https://x.com/SmartReversals/status/1803458586879594999
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
