cyatophilum

What is going on with Bitcoin?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
We have had a significant drop in the last days, can this continue lower or is this just a dip?

I will share my point of view, which is neutral right now.

So far, we are still bullish on the daily, at least until we cross under the 9080 $ price mark of the double Donchian Channel.

However, the RSI is showing strong signs of a bearish divergence

The daily ADX ( Average directional index ) is falling, meaning the bullish trend is becoming weaker

The Fibonnaci levels can tell us the targets. There is a lot of space to go from here.

The BTC markets are showing signs of slowing down

The USDT markets are following BTC in its drop

The Bitcoin dominance is making a rebound, putting speed reduction into the ALTs capitalisation.

Conclusion: The indicators are in contradiction for the moment. The trend is bearish on low timeframes, but remains bullish on the daily chart . It would be foolish to call for either direction. This is a no-trade zone for me.

Trade active: Breakout caught on the BTC intraday chart!

Also it's looking like the ALT market is going up again.
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Comments

Terrible movement .....
+1 Reply
@ICEKI, it's Bitmex liquidating some longs I think.
Reply
ICEKI cyatophilum
@cyatophilum, may be; better open the short trade for the safer movement, I think =D
Reply
@ICEKI, I wouldn't short bitcoin yet, or rather, at all. Too risky.
Reply
ICEKI cyatophilum
@cyatophilum, Your decision is also make sense too; no direction at this point
Reply
Woooo very informative charts explanations!

I do agreed is risky to call for either direction too; thanks for your works cyatophilum =D
+1 Reply
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