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quantmaven

Bitcoin: Effective Indicator For Tops In Bear Downtrend (part 2)

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Bitcoin (BINANCE:BTCUSD)  
quantmaven  
BINANCE:BTCUSD   Bitcoin
Trend Lines Wave Analysis Elliott Wave Bitcoin (Cryptocurrency) BTC BTCUSD BTCUSDT
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trendline waveanalysis elliottwaves bitcoin btc btcusd btcusdt
I wrote yesterday that the 25-bar 4H moving average is an excellent indicator to find tops in a bear downtrend. The price of bitcoin has been hovering around the critical pivot for many hours, without closing above the moving average. Price seems to have resolved to the downside, which is a bad omen for bitcoin. A retest of 29-30K is more likely at this point.
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