With bull run momentum dwindling and a series of lower lows, BTC has fallen into an increasingly bearish consolidation range: for the past two weeks, Bitcoin has been moving tightly between the 55 and 89 EMA, with the 50 MA quickly squashing any attempt to break above it.
Following this battle will give you a strong indicator of if BTC is going down to $9000 or back up to $11500.
Here is the link for the free EMA/SMA indicator, offering key areas of potential strong support & resistance - make sure to switch on and off to your preference.
Also save crucial space on your Trading View chart by utilising the free RSI and StochRSI indicator which overlays both in a clear and helpful fashion.
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@MrMoneyMatrix, The overall trend is absolutely still bullish, but over the past two weeks we are seeing some real weakness to get above $10500. Breaking up and out of the pennant right now would be as bullish as before, but the longer we stay inside it the more bearish it becomes. The average cost to produce BTC globally is still around $6500... moving down to $8500 is not inconceivable, though agreed... far from certain.