Major support break
Bitcoin Critical Support level is the last line of defense against major drop. Now very likely to drop into the high $4000s unless a major short squeeze happens, which is also doubtful. ~$5775 level is now all that keeps us from the all out capitulation phase.
https://www.tradingview.com/x/kSexECGQ/
(Bright Yellow line) Bitcoin Shorts on the rise
But probably not to force a mass covering other than for another small bounce back towards $6500-7500 (tops) area. I understand it's not commonly used, but the 138 volume weighted moving average (soft yellow Line) is and has been picking out a lot of the macro highs and lows for a long time, others like the 128 MA (I like the fib number and volume weighted, seems to hit the bottoms, tops and hinge points better).
https://www.tradingview.com/x/MBIuwPyP/
138 VWMA nailing it, the "buys" / "sells" are MA crossovers on the indicator I use, not where I think sell or buy:
https://www.tradingview.com/x/lHyOu3xa/
If we lose $5775...
Hold onto your butts, people! It's going to get bloody. Don't expect people to instantly buy the dip other than for a short term bounce. The bulls have control and unless the entire market shifts it's entire bias with unbelievable volume behind it, it seems fated to dip below the $5k line.
Just a random guy giving his opinions on the internet, as it tradition. blablabla disclaimer.