Bitcoin About to Reverse

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

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.


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