Bitcoin Weekly Showing The First Signs of Retrace to $10204...

Bitcoin (BTCUSD) is showing the first red weekly candle in the last 4 weeks while having low volume.

We still have several days left this week but a red/bearish close/candle can signal a local top.

If this week closes red, we are very likely to see BTCUSD test EMA10.

EMA10 right now on the weekly timeframe is sitting at $10204.5.

Bitcoin has been bullish weekly since moving above EMA10 back on 20 April 2020.

And continues 100% bullish above this indicator.

Now that EMA10 is confirmed conquered and we have a lower high, a bearish close this week would send prices lower to test this previous resistance level as support.

There is also a strong bearish divergence between BTCUSD and the STOCH.

Conditions for change
On a green/bullish weekly candle closure, this signal can be invalidated and Bitcoin continues to climb higher.

Do you agree... or not?

Share in the comments section below.

The altcoins market will continue to grow.

Namaste.

Comment:

Thanks a lot for the support.