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InvestingScope
Jul 13, 2018 6:58 AM

Bearish reversal intact. Still short on lower weekly levels. Short

Bitcoin / DollarBitfinex

Description

Bitcoin is trading within the projected channels (blue dotted lines) after being rejected on the latest Lower High Resistance of the 1D Channel Down (RSI = 41.424, Highs/Lows = -160.6788). The 6,142.60 "weekend target" hit earlier on the very bearish 4H MACD = -89.600, Highs/Lows = -1.6516, B/BP = -144.3262. The new Low on 1H at 6,079.9, was swiftly bought back on a 4H Engulfing Bullish candle (Williams = -50.867), showing the first signs of the support ahead (6,000) for BTC. The volumes are increased (24.98K) on yesterday's -2.02% 1D candle and today is no different, so higher chances for another equal decline. If that happens then the 1W candle (currently at -7.70%) will nearly erase all the gains for BTCUSD of the previous two weeks, which puts a Saturday price near 5,800. TP stable = 5,617.40 (1W EMA100).
Comments
Turningmecard
Great analysis.!what are your thoughts about possible inverse hs forming and BTC bottomed out and will climb to 6.8k?
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