Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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I sent out an early signal about Bitcoin (BTCUSD) dropping... I know it is really early for many people but these are the signals coming from the charts.
I am only reading the chart... The chart can always change and is always changing as each candle closes.
At the time of writing, this is what I am getting from the BTCUSD (Short-term) 1H Timeframe chart.
Bitcoin Drop Starts To Take Form
Prices peaked for Bitcoin on the 30th of April.
So far we are looking at a lower high on the 1h timeframe.
The last candle closed below EMA10. This candle also has above-average bear/red volume, signaling that the bears are waking up.
The MACD is showing a bearish cross (MACD crossing down the signal line).
The RSI is trending lower.
EMA50 was tested recently and held as support, prices bounced and printed a higher low. Now that EMA50 is being tested again, this support level isn't likely to hold.
All of the above signals are pointing to a drop.
The dashed lines on the chart with the different fib. levels and BTCUSD prices stand for SUPPORT.
How Can It All Change and Bitcoin Go Bullish Short-Term?
Prices need to move back above EMA10 for BTCUSD and print a new high compared to the 30th of April. This can signal additional growth... For now, Bitcoin is starting to drop.
You can see more below: Bitcoin Peak Prices Since All-Time High @$20000 (Lower Highs)
I do expect a pull back here too but I am still net long and still waiting for 10500 :P
AlanSantana
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@SqueakyBed, Nice chart and I agree... Another jump is still possible.
fract
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Cool. I am also thinking of short. but I'd rather use fib channel to monitor retracement. Check the cycles, downward line of resistance dragged from previous top and indicator combo indicate short. Crossing yellow line is the forth signal of full reversal.