BTC got rejected by the 50 Daily EMA!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello Everyone!

Welcome to this update on BTC . As I told you; an important first step for BTC to turn bullish on the longer term, is a weekly close above that blue trend line . That's what happened.
But we have two bearish signals that Occurred. On the Daily, BTC got rejected by the 50 EMA , RSI and Stochastik also give us overbought signals.
Therefore I'm expecting a retest of the blue trend line which is correlating with the 20EMA as additional support.

The other signal is the Cycle that BTC is in. After a high in a Cycle, BTC turns bearish to end it's Cycle. And since we are officially still in a bear market, the Cycle didn't change so far.

Bullish scenario: Restest of the blue trend line and 20 EMA . Bounce from there.

Bearish scenario: Retest of the blue trend line and 20 EMA . Bounce, followed by more selling pressure.Break through. Restest of the green Trendline , which showed strong support since the past 3 Weeks. Ending the Cycle.

Good trading!


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