Bitcoin Also Red | No Bulls In Sight + Altcoins

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We just looked at the SPX , NDX and DJI on three different timeframes, that is Daily, Weekly & Monthly, they are all bearish .

Bitcoin ( BTC ) is also bearish, actually, it went ahead and is already more advanced into its correction, which also means that Bitcoin's correction will finish first before the major USA indexes.

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Bitcoin Daily (D):
- Here we can see clearly how BTCUSD is being rejected over and over by the EMA10 green line.
- We have a strong downtrend.

On the weekly timeframe we have the same situation we saw with the DJI, Bitcoin remains above support but there is weakness:
- As you can see on the chart above, EMA100 (the blue line) is now working as support. As shown in previous analysis, there can be a small bounce here or sideways/range trading before the next breakdown.

The monthly timeframe does not help, here is the chart:
- Prices already went below EMA10 last month for the first time since March 2020. This month will be the first close below this important support.
- EMA21 is also being challenged but the monthly candle close is needed for confirmation.

- The indicators aren't looking really good. We have a nasty bearish cross on the MACD and plenty of room to move lower, the histogram has also gone red for the first time since 2019 basically...
- Very strong bearish divergence on the RSI , break below support trendline as well:
We can find some mixed signals if we look deep.
We can find some bullish signals but the bears are on top.

We already have a lot of correction, Bitcoin went from $69,000 to $36,000 currently... We are not at the bottom just yet but once we hit bottom, the only place left to go is back up.

This is like a detox.
You get to feel bad for a few days while doing it but once it is over you feel fresh, strong and healthy as a new born.


Thanks a lot for your support.


P.S. I will be sharing the TOP10 Altcoins between this weekend and next week.
We still have 1-2 weeks of consolidation before the next price jump.

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