Bitcoin Facing Resistance At MA200 (Short-Term) Yes Or No?
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We have Bitcoin ( BTCUSD | 4H) facing resistance at MA200, the black line on the chart.
A strong drop followed after BTCUSD closed below MA200 back on 2-Sept.
Prices dropped from ~$11600 all the way to $9800+.
This move is just shaping up but I am seeing lower prices.
I don't want to let my bias get in the way so let me tell you that this current candle is yet to close.
As no volume came in when MA200 was hit and prices are moving below EMA10...
We will take the signal and call it a drop, but if BTCUSD moves and closes above MA200/EMA10, we can see more up.
Overall, I am getting a bearish sentiment with a strong bearish signal in early August and a support level has been taken off.
We will see lower prices... Yes or No?
Share with us in the comments section below.
Namaste.
A strong drop followed after BTCUSD closed below MA200 back on 2-Sept.
Prices dropped from ~$11600 all the way to $9800+.
- Today we have a rejection at MA200 on the 4H chart...
- We have a bearish cross on the MACD .
- Bearish divergence between BTCUSD and the MACD .
- And prices breaking below EMA10.
This move is just shaping up but I am seeing lower prices.
I don't want to let my bias get in the way so let me tell you that this current candle is yet to close.
As no volume came in when MA200 was hit and prices are moving below EMA10...
We will take the signal and call it a drop, but if BTCUSD moves and closes above MA200/EMA10, we can see more up.
Overall, I am getting a bearish sentiment with a strong bearish signal in early August and a support level has been taken off.
We will see lower prices... Yes or No?
Share with us in the comments section below.
Namaste.
Comment:
In June when BTCUSD moved above EMA21 it kept on going higher... After it closed below we now have a lower high and EMA21 is already being tested, it is never tested when prices are going up.
A higher low between above and below the EMA21 is the bearish signal:
The fact that EMA21 is being tested tells me that momentum is being lost... The volume has been really low all throughout as well.
A higher low between above and below the EMA21 is the bearish signal:
The fact that EMA21 is being tested tells me that momentum is being lost... The volume has been really low all throughout as well.
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Comments
Bearish. Seeing this kind of movement on a weekend makes me nervous. And with the random spikes we've been seeing today.
Wouldn't be surprised if a lot of these green numbers on the market turn red really quick.
Wouldn't be surprised if a lot of these green numbers on the market turn red really quick.
Reply
@reggiogeorge, Same here... We might see a strong red candle show up soon... But we are ready and prepared.
Thanks a lot for your comment.
Namaste.
Thanks a lot for your comment.
Namaste.
Reply
@alanmasters, Huge volume of options looking to expire Friday as well. Not that I stake my life on that, but you know what happens when things coincide.
Reply
@reggiogeorge, Yes... Down we go... Hopefully, a higher low is hit fast and Bitcoin resumes growing.
Reply
Yup, and 11 200 is the 61.8 retrace as well. I carried 11 450 over from previous time we were there. Please have a look at my latest chart's blocks. Many thanks
Reply
@Rule72, I enjoyed the coin story and your analysis in favor of Bitcoin's value going up over time.
Thanks a lot for sharing.
Namaste.
Thanks a lot for sharing.
Namaste.
Reply
By request, here you have my support levels/targets.
MAKE SURE TO HIT LIKE TO SUPPORT MY WORK AND GET MORE TRADE IDEAS LIKE THESE...
Namaste.