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AlanSantana
Dec 11, 2020 1:11 AM

BTC $16,500 Double Confirm, Re-Confirmed, Multiple Confirmations Short

BITFINEX:BTCUSD1D
Bitcoin / DollarBitfinex

Description

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My friends, Bitcoin is now looking like it can easily test EMA50 as the next support level... EMA50 is sitting at $16700.

Typically, when we use the MAs as an indicator for support, the price doesn't stop exactly at the MA line but instead, a wick is left behind.

So, if Bitcoin is to continue lower and test EMA50, we are likely to see a wick that goes to $16,500 or even lower.

Note: This is not to say that this is the only possible scenario... The charts are always changing and each day a new candle is printed.

We can see prices move back above EMA21, and EMA10 and this would cancel out our bearish view.

As the chart is looking now, BTCUSD is trending lower.

The MACD is pointing lower (moving lower, red histogram and below the Signal line).

The RSI has gone below 50 on the daily for the first time since October. The RSI is now also trading below support.

We now have multiple confirmations as shown by the chart signals that Bitcoin can easily drop.

This isn't something bad...
The market moves in cycles, that is how things go.

Prices go up, prices go down...
But after we go down, eventually, we go back up.

Thanks a lot for your support.

Namaste.

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Previous chart | Bitcoin To ~$16,500 Now Confirmed! (Dec. 8)

Comment

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☘️ HOW TO STAY/BE HUMBLE!

As each day passes...

The energy becomes really strong.

The more we get it right, the harder it is to admit when we are wrong.

How to stay humble?

I don't know...

Some say, follow your Heart!

Others say, follow your Soul!

Many will tell you to just be who you are...

But for me... I don't know.

How to stay humble?

Maybe there is no need to be humble...

Humble you are when you express yourself fully at all moments at all times...

Even when you are not being humble anymore.

BE YOURSELF!

Namaste.
Trend AnalysisTechnical IndicatorsBeyond Technical Analysis
Comments
David_Aus
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I agree Alan. Looking at the macro level, BTC saw a run from the 3k to the 20k ATH in only 9 months so then to breeze past the ATH resistance without a healthy pullback first is unlikely.
AlanSantana
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@David_Aus, Right... Corrections are normal and healthy.

Thanks for sharing.
BigCoinGuy
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you are the G.O.A.T!!! Happy to be apart of your community!
AlanSantana
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@YoungBlood420, Meaning? G.O.A.T?
BigCoinGuy
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@alanmasters, Greatest of all time!
AlanSantana
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@YoungBlood420, Thanks a lot brother, truly appreciated.
badlefthook_crypto
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@alanmasters, you are a gift to us lay people. Thank you for all you do.

Thank you!
BKBiz
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Thank you!
Sat0shi_
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lol. Every chart of yours recently proved wrong
dasnatureofficial
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Sooo wrong
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