Bitcoin Weekly First Support At $16,000 Short
Bitcoin / U.S. dollarBitstamp
Description
⋅ We will keep this one short and simple.
This is the weekly (W) timeframe for Bitcoin (BTCUSD).
The week still has two more days to go but we are seeing the current price below lasts week's low, which is set at $18100.
The current price is also lower than the week before last week's close, which is set at $18192. This is the candle with the #9 on top.
This doesn't look good.
If Bitcoin closes this week below the prices mentioned above, we will see EMA10 tested, in the least, meaning $16000.
The RSI & STOCK are clearly trending lower:
The ascending channel is also being broken.
Watch out, Bitcoin can easily move lower.
Namaste.