Following the formation of a bearish moving average Death Cross on Bitcoin in early January, it plunged briefly below a major support level of 35,000, as shown on the following daily chart (I wrote about the crossover on January 23, here).
It then bounced back above the 50 MA, retested 45,000, then plunged again to retest 35,000, before retesting 45,000, once again.
It's, basically, stuck in between the 50 and 200 MAs, or what I call a trendless "Chaos Zone"...roughly in between 40,000 and 49,000.
Until it breaks and holds above or below this zone, with force, look for more whippy, volatile, random and trendless spikes and plunges to occur in this cryptocurrency...one to avoid if you're risk-averse on the daily timeframe!
