Technical Analysis: Bitcoin Is Making Lower Lows. Is A Break Down Inevitable?

Bitcoin is heading down as we speak. We have seen pure Bearishness in Bitcoin for last 10-12 days since it broke $6000 solid support and fallen to the$4000-ish levels. 

Currently, Bitcoin is trading around $4250 and believe me it can break down from these level anytime if we don't see any Bullish action in few hours. 

Let's have a look at the chart to understand T.A:

As we can see in the chart above, Bitcoin is trading way below its short term resistance of $4650. Although, it is very close to its first not-so-strong support of$4000. 

• Bitcoin has already tested $4000 twice in this week and next would be a break-down. But there's something which is keeping this break down to happen just yet.
• Volume is going low as we're heading down, indicating a reversal very soon. 
• RSI levels are back in 14 on Daily chart, which are extremely low and this also indicates a reversal.
• Weekly support of 200 EMA around $4000, which is again a huge support. 
• But if we dont see any Bullish action in next 4-6 hours, we can likely fall down to the support level and could break it. 

So, trade with caution and use tight stop loss for each of your trades.

Thanks for reading.!!

Image credit