- This is my first analysis of many, so if you like it please drop a like and a follow, much appreciated. - Without further do, let's analyse this Bitcoin daily chart , I am short on Bitcoin in the time of writing, for these technical reasons: - 1st: Recent DEATH CROSS 2nd: Prices are below 61.8% Fibonacci (approx. 7356$) * if today closes below, it's very probable we'll see a drop to the next level : *78.6 confluence with trendline of bear market* (5.5k) 3rd: Price trading below major short-term bullish indicators ( RSI , MACD , Daily 50MA) 4th: I have a short-term sell bias on Bitcoin due to the enormous amount (billions of U$) of Bitcoins stolen (BITCONEEEEEEEEEEEEEEEEEEEEEEEEEECT) and other scams. - A shooting star on the daily would also give more confluence to more patient players for taking this short opportunity. - Í expect the price to retrace to 5.6k levels and then start breaking out and making higher highs. If bitcoin breaks the RED trendline and close a daily candle I don't see much upside potential for a long time. - I wanted to keep this simple so there you have it. See you on the next one!
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Daily candle above 61.8% and 50MA, if it closes like this and I see more upside potencial.