Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bitcoin Dropping (Short-Term)
Bitcoin (XBTUSD) recently closed below EMA10 and now also EMA50 has been broken as support... With this break, prices can easily move lower and hit $5660.
If $5660 breaks (red arrow), then prices can go even lower and hit $5250/$5300 short-term, depending on how this level is handled we can look for the next move, at that time we can share a new analysis if you are interested.
Conditions for change If momentum shifts and prices go up and close above EMA50 or $6040 on this timeframe, we can consider the retrace over and that prices will resume the uptrend (green arrow)... Thanks a lot for your support.