Bitcoin steadies after yesterday’s plunge, what is the chart saying?

  


Bitcoin keeps steadier on the day, at least for now

It’s a quiet start to proceedings in the market and that includes cryptos as we are seeing some stabilisation after the crash yesterday.

For Bitcoin, the drop back under $50,000 is less than ideal as buyers’ conviction are dealt a heavy blow but they are not down for the count just yet.

The sharp drop yesterday was also rather quickly bought up (although still much lower than the start of the day) and since then, price has been keeping thereabouts.

Here’s a look at the daily chart:

Bitcoin

It shows that buyers are hanging on to every bit of support they can find for now, with the important one being the 200-day moving average (green line) at roughly $45,950. Keep above that and buyers still have some bias to maintain a push higher.

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However, break below and that spells more danger for price to revisit the $40,000 mark.

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