Raul_Dominguez

Bitcoin About to Reverse

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BITSTAMP:BTCUSD

Bitcoin has been in an uptrend for about 42 days, getting everyone bullish . However, MACD is about to give us a sell signal for the first time in 42 days, we had a Shooting Star Reversal Pattern on July 30, July 20, which lead to several days of decline. And it seems it is making one today.

We have been trading in a channel, if we break below previous support at about $20,700 USD, then we could be looking to making new lows on this Bear Market. We need to break above $24,700 USD to continue the uptrend.

Also, the 55 EMA is acting as resistance.

My bias is to the downside, but we’ll have to see.

Good Luck to You.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.