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GeertVD
Jul 14, 2020 10:11 AM

Bitcoin - July 14, 2020 (Bearish) Short

Bitcoin / U.S. dollarBitstamp

Description

BITSTAMP:BTCUSD


Hi everyone,

I'm not usually sharing my analysis, but I will do it now.

OPINION: bearish

ANALYSIS:
  • Since the beginning of June, we are in a descending triangle (black), with base around 8,930 (the .236 Fibonacci retracement).
  • On July 8 we saw a failed bullish break-out from the descending triangle, at the end of a +/- 10-day upward trend, that started on June 27 (green line).
  • After the that failed bullish breakout:
    - we are (again) below the 21 daily SMA (blue) and EMA (red);
    - we are forming a smaller descending triangle (blue and magenta), with base around 9,150.
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