Short term downtrend is still active (4h time frame), however this is nothing unusual as Bitcoin is in corrective phase.
In order to break out of this corrective phase, Bitcoin has to break the downtrend line at $51000 and ultimately the previous high at $53000 to break the trend of lower highs.
However, this correction is a good opportunity to accumulate or buy the dips of some desired alternative coins with some decent discounts as alt traders have weak hands.
The question now is, will there be another retest of the 50 EMA?
No matter how bullish the recent news are, market is market and another retest of $43000 can be easily seen in the next days as the short trend is a downtrend.
Looking at daily indicators.
Wave indicator, MACD (26 and 9 EMA) is still in a corrective wave and as we are looking the chart now, the selling pressure seems to be increased as histogram is trying to print a taller tick (more vibrant red). However, the daily candle is not closed yet so this would be an early conclusion, the important thing is that we are still in corrective wave on daily time frame.
Demand indicator, RSI is in a good position as there is no hidden bear signal or any other reason to be bearish. As long as RSI stays above 40, the overall daily uptrend remains active.
Trend indicator, 20 and 50 EMA’s are pointing towards a clear uptrend but as the price is below 20 EMA we are only speaking about an uptrend, instead of a strong uptrend. Again nothing uncommon in a corrective phase.
In summary, Bitcoin is expected to see some more sideways in the next couple of days before any stronger moves to the upside, which are highly expected to be seen once again.
In order to break out of this corrective phase, Bitcoin has to break the downtrend line at $51000 and ultimately the previous high at $53000 to break the trend of lower highs.
However, this correction is a good opportunity to accumulate or buy the dips of some desired alternative coins with some decent discounts as alt traders have weak hands.
The question now is, will there be another retest of the 50 EMA?
No matter how bullish the recent news are, market is market and another retest of $43000 can be easily seen in the next days as the short trend is a downtrend.
Looking at daily indicators.
Wave indicator, MACD (26 and 9 EMA) is still in a corrective wave and as we are looking the chart now, the selling pressure seems to be increased as histogram is trying to print a taller tick (more vibrant red). However, the daily candle is not closed yet so this would be an early conclusion, the important thing is that we are still in corrective wave on daily time frame.
Demand indicator, RSI is in a good position as there is no hidden bear signal or any other reason to be bearish. As long as RSI stays above 40, the overall daily uptrend remains active.
Trend indicator, 20 and 50 EMA’s are pointing towards a clear uptrend but as the price is below 20 EMA we are only speaking about an uptrend, instead of a strong uptrend. Again nothing uncommon in a corrective phase.
In summary, Bitcoin is expected to see some more sideways in the next couple of days before any stronger moves to the upside, which are highly expected to be seen once again.
