This week, bitcoin price was down from a high of $ 467 in last week’s analysis. The bear drop from a peak at $ 476 over Christmas, is part of a weak reversal from $ 300 that a failed to recapture $ 500 highs. This week’s drop exhibits patterns of consolidation and sideways action, before a break out. As of writing this, price is at $ 433
On the 1 day chart, price sits above 30 day EMA, at (1). 2 weeks ago, price bounced off this level as it held strong support. A breakout is imminent here, and I am bearish, expecting the 30 day to break. It closely resembles (3), a failed double top from August. Even more interesting is how similar in form (4) and (5) are.
The 30 day Simple moving average adds emphasis to a potential drop. Since breaking above it in mid – September, trend has held