Bitcoin - Bearish Signals You Should Know

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
If you want to be bearish in this bullish market, you should have some reasons for this. Let me help you to support your position providing bearish signals one by one.

What if the market forms a double top? This chart pattern belongs to a reversal group of patterns and it can confirm a trend reversal or a correction as a "light version".
The double top will be confirmed if the price can break the local swing low. For this, the price will have to break 5000.00 support level .

The other bearish signals are provided by MACD lines and histogram. This indicator supports the downward movement.

RSI is not far from the overbought zone. The line dropped from the zone, moved upward and probably soon, we will see a new falling from 70 level.

DMI is bullish and confirms trend market conditions but... ADX line is at 50 level and it moves sideways. Probably it will start a downward movement and it will support the idea about the correction movement.

All these signals can be a good support for you if you want to see the market moving downward.

At the same time, you should understand that this possible trend reversal or the correction movement, it's just about the medium term. For the long run the market stays bullish and if the fundamental news supports the crypto, the bullish trend will be stronger and more reliable.

And what do you think about the medium term market movements? Are you waiting for the correction, the trend reversal or you would like to see the upward movement to 6000.00 resistance?

Share your ideas in comments below this post. Let's discuss!
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