INDICATORS STILL BEARISH!
55 EMA
BTC has fallen below the 55 EMA (green curve) in all time frames up to the 12H! There's a good chance it falls here, too.
TREND LINES
BTC never got close or touched the original (red) trend line in this last peak. Instead, it created a new and steeper trend line (yellow line), indicating further weakening.
RSI (red curve)
In the 12H, the RSI continues to weaken and is unable to break its trend line (red line). It's currently struggling to stay in the 50 zone. If it makes a significant move above 50, BTC could start recovering. If it gets rejectd at the 50 and continues to fall, chance are it moves to 20, or lower before it bounces.
MACD
Show no signs of flipping! It's likely to fall below neutral lin before we see a flip.
SUPPORT: $22.4K
Fibonacci indicators support a deep retrace of 46%. A retrace to this area would be healthy considering its recent aggressive growth. And, a requirement to make another aggressive bull run.
Let's see how this plays.
55 EMA
BTC has fallen below the 55 EMA (green curve) in all time frames up to the 12H! There's a good chance it falls here, too.
TREND LINES
BTC never got close or touched the original (red) trend line in this last peak. Instead, it created a new and steeper trend line (yellow line), indicating further weakening.
RSI (red curve)
In the 12H, the RSI continues to weaken and is unable to break its trend line (red line). It's currently struggling to stay in the 50 zone. If it makes a significant move above 50, BTC could start recovering. If it gets rejectd at the 50 and continues to fall, chance are it moves to 20, or lower before it bounces.
MACD
Show no signs of flipping! It's likely to fall below neutral lin before we see a flip.
SUPPORT: $22.4K
Fibonacci indicators support a deep retrace of 46%. A retrace to this area would be healthy considering its recent aggressive growth. And, a requirement to make another aggressive bull run.
Let's see how this plays.
Comment:
BTC is now trading below the 55 EMA...we go lower!