Bitcoin (BTCUSD) is starting to retrace based on the 4H timeframe chart... Let's take a look...
But wait, before we go there, here is our full Bitcoin (XBTUSD) SHORT trade:
Now, for Bitcoin (BTCUSD), prices are now moving below EMA10, which would switch our potential from bullish to bearish if the current candle closes below this level. EMA10 is sitting right now at $9722.4.
We have bearish divergence with the MACD and RSI.
And we also have trading volume going lower while the MACD is showing a bearish cross.
So we have multiple signals pointing to a drop.
Do you agree with this analysis?
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Thanks a lot for reading.
Namaste.
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