alanmasters

Bitcoin Daily Update (No More Bearish Signals...)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I am looking now at the daily timeframe for BTCUSD .

We looked multiple times at the 1H timeframe, then 4H and now we are going to have another look at the daily (D).

Here we have prices dropping below EMA10 and EMA50.
Yesterday's candles closed below these levels and now we have a drop starting to shape.

We can see a bearish cross of EMA10 and EMA50 taking form.
This is when EMA10 crosses down the EMA50 line. This isn't bullish .
--
When we look at the MACD , we can see a bearish cross happening below the zero line. MACD

We consider the MACD to be in the 'bullish zone' above zero and 'bearish zone' below zero.
This other signal isn't bullish as well.
--
The RSI and STOCH are also curving down and moving lower.
The RSI is at 43.85 which isn't bad, anything above 40 is still good but we call bullish above 50.

Below 40 we would say bearish for sure but seeing it trending down and also breaking the trendline doesn't make it bullish ...

This can all be just noise with a simple bounce on EMA100 and prices moving back up. But the signals that I shared in previous articles are telling us that prices can test the lower support.

What's your take?

Remember to leave a LIKE and COMMENT if you want to see more.

Namaste.
Comment: Bitcoin is bearish... It is just the title my friends.

The chart is full of bearish signals which I described.

I meant it as kind of a joke but we are definitely looking at a bearish Bitcoin.

Thanks a lot for the support.
Comment: Still wondering what will happen to the Altcoins market if Bitcoin drops strong?

See it here:
Comment: New short-term update for Bitcoin (2H timeframe)
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Comments

Thank you for your analysis.
PS: I think you meant to say "No More Bullish Signals..."
+8 Reply
alanmasters alexcambose
@alexcambose, No... It was done on purpose...
+2 Reply
alexcambose alanmasters
@alanmasters, ah, I'm sorry then
Reply
alanmasters alexcambose
@alexcambose, No need to apologize. :)

I can see how that assumption can be made.

I thought it would be easy for people to see by reading the article that I was giving the message in reverse.

Namaste.
+1 Reply
Did you mean no more bullish signals or bearish signals? @alanmasters
+5 Reply
douon2010 MavericcCap
@MavericcCap, Yes I was think the same , I think based on it analyze he wanted to say no more bullish signals
+1 Reply
alanmasters MavericcCap
@MavericcCap, I meant to say bearish as it is written... But this doesn't change the analysis.

We are looking at a bearish Bitcoin according to the signals coming from the chart.
+1 Reply
MavericcCap alanmasters
@alanmasters, got it.. use of a bit of sarcasm... ;-)
+1 Reply
alanmasters MavericcCap
@MavericcCap, Good... Thanks a lot for your support.
Reply
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