BITCOIN Parabola broke, bearish short term

Bitcoin couldn't sustain last week's Parabolic rise pattern and broke it early on Sunday. It didn't correct but rather traded sideways inside a Channel Up, which also broke down yesterday. The price is now below the 1H MA50 for a full day with 1H, 4H technicals neutral but the 1D chart still overbought (RSI = 78.515, MACD = 1074.800, ADX = 79.058).

The longer it stays below the 1H MA50 the more bearish it is short-term, aiming at the 1H MA200. The 1H RSI movements above/ below its MA line can help at making short-term buy/ sell entries respectively. Under the 1H MA200, Bitcoin will seek to get affirmation on the 1D MA200. Last resort is the 1D MA50 where the overbought 1D technicals will get neutralized but is rare to test that soon during Bitcoin bull cycle rallies.


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