Bitcoin (BTCUSD) just closed below EMA10 on the weekly timeframe, let's get back to the basics... Back to keeping it simple...
Above EMA10 = Bullish potential
Below EMA10 = Bearish potential
Bitcoin's bearish potential has been activated on this timeframe, if BTCUSD remains below EMA10, it is very likely to move lower and test EMA50, which is now sitting at $7929.
There is strong support at around ~$9,000 which needs to break first before EMA50 can be tested as the next support.
For Bitcoin to reverse, the first barrier to break is a close above EMA10 ($10,070). After this level is broken, we can consider higher targets on a bullish perspective.
Right now we are looking bearish.
Thanks a lot for your time.
Namaste.
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BEING GRATEFUL IS WEALTH
Just cultivate the feeling of being grateful...
Saying thank you in front of the mirror over and over, every morning...
While you do it, think about all the good/positives in your life...
Allow time, plenty of time while repeating the same process...
And then just experience the results...
Being grateful is wealth!
Namaste.
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Support is found next $9,400 followed by $9,300 short-term. This is marked on the chart with blue dashed lines.
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If you would like to see Bitcoin on the daily timeframe, check the trade idea below | Bitcoin Is Giving Out Bearish Signals | Can Go Lower! |
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Sooner than expected...
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Sept. 21:
"This is all pointing to another drop. The drop can be quick big and recover fast just as it can be short-lived and small...
Whatever happens, we believe that Bitcoin will bounce regardless of how low it goes."
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All support levels can be found here:
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On Binance EMA50 on the weekly was a perfect hit...
As is usually the case, the so-called "weak hands" will panic sell failing to realize that this is a great buying opportunity. It will most probably fall even more so start incrementally buying. On another note, it seems like those of us who were very wary of the much hyped Bakkt launch were actually right at least in the short-term.
AlanSantana
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@GuruMeditation, Thanks a lot for sharing... I knew the Bakkt launch was a classic hype move... Not is obvious.
GuruMeditation
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@alanmasters, Thank you for your analysis too. As for Bakkt, it seems like it was a classic "Buy the rumours, sell the news" kinda thing, at least for the time being.
AlanSantana
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@GuruMeditation, It is... We will see how it goes, we were expecting a drop after all.
Namaste.
Morpheus_RED
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@GuruMeditation, you know you van sell and still make money right? Ever heard of "short". Never go against the trend. Buying (going long) now is plain stupid
GuruMeditation
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@nnem1681, Sure, but I am not a trader, I am mostly a long-term investor, that's why I am buying and that's how I made a pretty good fortune by buying Apple, Amazon etc. and now bitcoins. In my opinion, we will never see these price levels again. Now you may ask what the hell am I doing here then? Well, let me put it this way: I always enjoy reading TA ideas from far more experienced guys (like you and others for example) and educating myself when it comes to technical analysis. But rarely do I trade, maybe one or two trades per year. Good luck if you're a regular trader because in my opinion this is a very risky situation.
AlanSantana
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@GuruMeditation, Thanks again for sharing your wisdom with us.
GuruMeditation
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@alanmasters, Thank you too, I learned lots of things when it comes to TA by reading your ideas even before I became a member here. I always try keeping an open mind and the first thing I am reminding myself when I wake up every day is to always hear what other more experienced traders/investors have to say. They could be right or wrong, that's not the point, the point is to listen what others have to say.
AlanSantana
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@nnem1681, Some people "buy the dip"... And this drop was expected by many so they can be having buy orders all around.
Morpheus_RED
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@GuruMeditation, just use a stop-loss to protect your money is all i van say. You never know how far this drop can go..