If it bounces back it will be bullish, but things could become scary quickly, analyst says
Coming off its best week in three months, bitcoin is giving back some of its gains, with strategists flagging a drop below a key trendline that typically portends further weakness.
Bitcoin has also retreated below its 100-day moving average — a medium-term trend line followed by chartists — and it may see additional weakness until its 50-day moving average support at about $34,773. “That would be very bullish ... the action in bitcoin over the next week or so will be very important,” Maley said.
“If it does indeed bounce back, it’s going to be quite bullish,” said Maley. “If, however, it sees much more downside follow-through, things are going to get scary pretty quickly.”
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