PREPARE for the CRASH! $5,750 - $5,000!!

BINANCE:BTCUSDT   Bitcoin / TetherUS
Using the daily chart , you can see that whenever the price falls below the 21 EMA (orange line), a massive downtrend forms.These rejections indicate a bearish sign and usually a signal to get out and/or short the market.

After the significant drop a few days ago from $6,700 to $6,200 level, the price failed to close above the 21 EMA since then.

We also have been forming lower-highs and lower-lows since the all-time high last December 2017.

With that, I expect the price to fall further until it breaks and close above the 21 EMA . The longer we stay below the said moving average, the harder it is to break out of it.

It is most likely that we will re-test the $6,000- $5,750 level in the coming days.if we fall below $5,750, the next major support would be $5,000-$4,750.

These are just my opinion and not financial advice.

Good luck and happy trading!
Lower-highs and Lower-lows since December 2017.


Update 07-16-2018:

It seems that Bitcoin is now recovering after the bulls pushed the price yesterday from $6,200 to $6,600 level as of this writing.

Are we now in an uptrend? Bullish? If the price close above the 21 EMA (exponential moving average), there's a high chance that we will continue to go up and test the next resistance, which is $6,850.

Assuming we break $6,850 with high volume, the next target would be $7,800 being one of the major resistance (previous support).

However, if we fail to cross above $6,850 again, we might fall below $5,750 (lowest) because the more times we get rejected on a certain price level, the harder it will be to break it as the bulls will get exhausted and it will be easier for the bears to short the market.

Not a financial advice :) Trade at your own risk.

#bitcoin #technicalanalysis
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