BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin has found support at the same level marked by the Expotential Moving Average of 10 periods, we marked it with a green line on this chart (EMA10)... Feel free to hit like now and let's start with this analysis... Thanks a lot for the support.

We know that the bullish potential remains as long as we trade above EMA10, but a break and close below it can easily send Bitcoin to test lower support levels.

We have the MACD clearly moving in favor of the bears. We have an upcoming bearish crossover, and the histogram moving lower.

Consolidation above EMA10 can lead to one last impulse to the upside, but this is the less likely scenario at this point.

A break below this support level and we can see Bitcoin testing $4660 quickly which is marked by EMA200.

I am leaning towards the retrace, if I go by the chart signals but the impulse up and still has good chance, as there hasn't been that much follow up by the bears.

I expect the entire market to retrace some more before any strong bullish action can be fully resumed.

The dashed lines on the chart, either above or below current price (light green), mark the most relevant resistance and support levels on this time frame.

This is not a piece of trade advice...

Thanks a lot for reading.

This is Alan Masters.

Comment: It is starting to move down with momentum now, we will see how this goes.

Thanks for all the charts in the comments section and continued support.

Comment: There is no momentum and no volume:

EMA10 can be retested.
Comment: This one is playing out perfectly...
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Related Ideas

trends are your friend until they are not. the trend is up not down..
alanmasters alwaysinalways
@alwaysinalways, There is no momentum.
i would like to ask your advice, i bought into Btt at 16 sats , with bitcoin retracing , in your opinion,should i sell, and go to tether?or just be patient ?
I think the CME expiration date has a major impact on BTC's trend transition.

+1 Reply
@alanmasters Hi,What do you think about my idea ?
Spotted Potential AB=CD Harmonic formation on Bitcoin with target around 4600-4700 level.

If we take into account all of the other indicators, we "should" see a move down to at least the 50% lines to show equilibrium so I would say a short is still in play, but, as we were looking today, we could head up or down about 20% in either direction.
alanmasters TradeIndicators
@TradeIndicators, Thanks for sharing.
FWIW, my current idea of how it might continue
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