Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bitcoin (XBTUSD) broke below support in the form of EMA10, EMA50, and EMA100.
Prices bounced after hitting EMA300 (gray line) but the bounce didn't lead to much.
We have a higher low when we look at the wick of the candle on 11-June compared to 2-June, but if you look at the candle closure we have a lower low. This is a bearish signal.
The RSI and MACD are now on the bearish zone and trending lower.
Bitcoin is now aiming lower. First EMA300 at $9066 can be tested again if MA200 ($9409) working as support breaks. Prices are likely to continue lower here based on current chart signals.
Conditions necessary for change Bitcoin (XBTUSD) needs to move above the "resistance" for us to consider the bullish scenario... This is less probable right now.
Ichimoku analysis confirms your analysis. For a reversal, the daily candle should close above the base line and confirm suppôrt on it. RSI and OBV supporting such reversal ... So currently the trend is definitly still bearish., with a price struggling crossing up the huge resistance around 9500 built by Ichimoku base, and conversion line along with the MA 20. Take care.
AlanSantana
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@optimalkap, Great analysis... Thanks for sharing. :)
optimalkap
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@alanmasters, btw the trend seems to be on verge to reverse ... let's see ... extreme caution recommended :-)) as usual with this megalodron ...
Any thoughts on BTC going lower and how that will affect the altcoins. Yesterday's drop put a lot of downward pressure on everything pretty much across the board. Most of my portfolio has recovered. The looming question is whether it is worthwhile to go in and convert everything to a stable coin or simply ride it out.