The drop stabilized at the 200 days moving average. Is it the new bottom?
Current support/resistance: $8'000/$9'500
The downtrend has stopped for a day. While long term investors stay confident for this year, the Bears have clearly taken over the market, at least in the short term. Apparently, cryptocurrencies are not safe enough in the mind of investors. When strong drawbacks happen in the traditional markets, money is not redirected towards Bitcoin or other coins.
The technical indicators continue to flash in red, while the 200 moving average is playing the role of strong support. It may not be enough to create a bounce.
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