01-27-2020, 12:47 AM
Over the past few days, Bitcoin (BTC) has stalled, finding itself between a rock and a hard place. Many analysts are currently undecided where the cryptocurrency will go in the next few weeks, though one top trader recently noted that BTC’s price action at $9,200 could be a precursor to more downside.
How Bearish Is Bitcoin’s Rejection at $9,200?
In the wake of Bitcoin’s flash crash at $9,200 last week, Haejin noted that this represented a “mega rejection” on a daily basis. He specifically looked to the fact that BTC saw a bearish retest of the 200-day moving average, collapsed out of a multi-week rising wedge, and failed to surmount key macro resistance — three signs showing bears remain decisively in control.
@TradeCryptoNow
How Bearish Is Bitcoin’s Rejection at $9,200?
In the wake of Bitcoin’s flash crash at $9,200 last week, Haejin noted that this represented a “mega rejection” on a daily basis. He specifically looked to the fact that BTC saw a bearish retest of the 200-day moving average, collapsed out of a multi-week rising wedge, and failed to surmount key macro resistance — three signs showing bears remain decisively in control.
@TradeCryptoNow