Bitcoin (BTCUSD) isn't out of the bear hands yet short-term, the move to $9000-$9200 isn't confirmed, but why?
As you can see in the chart above, Bitcoin is still trading below EMA10, which is now sitting at $8547.
For Bitcoin (BTCUSD) to signal bullish potential short-term, we need a close above this level. Since Bitcoin is trading below it, it has the potential to continue dropping or consolidate some more before its next move.
$7,700 Is now the main support that needs to hold short-term for Bitcoin to bounce on a drop. If Bitcoin starts to move down, this is the level to watch...
If this level holds on a drop, you can expect a quick bounce and move up. If Bitcoin drops and $7,700 breaks, we can expect it to move lower.
The RSI hit its lowest since November 2018 and is hovering near the weak/oversold range.
Volume is weak and favoring the bears.
Bitcoin is now consolidating its last drop... And what happens while Bitcoin consolidates?
...The altcoins continue to grow...
Conclusion We are now neutral on Bitcoin short-term with sideways-bearish tendencies. After EMA10 has been conquered, we look at Bitcoin from a bullish perspective on this timeframe.
Where do you think Bitcoin will go?
Visit my profile for many, many, many more trade ideas for you to enjoy... Thanks a lot for reading.
Namaste.
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@sidhabdn, My pleasure. Thanks a lot for the continued support.
Feel free to message me or leave a comment if you have any questions.
Namaste.
BlockchainFaith
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@alanmasters, how is it that you are accurate in practically every trade call you forecast? Wow!
BlockchainFaith
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@alanmasters, also, can you recommend a trading platform for a US resident?
Anpu
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Interesting work!
Personally I am wathing on falling any time soon
My idea about this, there is a bearish flag + ichi cloud is pretty bearish
I am telling about this in details in analysis. Would be great to know what you think
i am thinking to trade alts as long btc stays in between the two levels you have identified.