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.

Namaste.
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.

Namaste.
Comment: There is no momentum and no volume:
EMA10 can be retested.
Comment:
Comment: This one is playing out perfectly...
🌐 ALAN MASTERS TRADES PREMIUM
The Best Altcoins Trades
https://alanmasterstrades.com

🔸Special offers & FREE trades on...
➡️ Telegram https://t.me/AMTrades

🟥 Alan Masters Crypto
🌟 Binance Calls
🔹 LEVERAGED TRADES

💬 CHAT http://alanmasters.chat

Related Ideas

Comments

I think the CME expiration date has a major impact on BTC's trend transition.

+1 Reply
Probably, we might touch the ~$5,300 and there is pretty heavy resistance. It consists of trendlines, Fibos, etc and from there - downwards, because the short-term price action has created a new lower low but let's see, at least soon we might get some movement:

All the best!
+1 Reply
alanmasters VaidoVeek
@VaidoVeek, Amazing chart, thanks a lot for sharing.
Reply
alanmasters VaidoVeek
@VaidoVeek, Amazing chart, thanks a lot for sharing.
Reply
have a look on my view to

+1 Reply
Clear correction before any wave up.
+1 Reply
alanmasters Coinamic
@Coinamic, Nice chart.
Reply
trends are your friend until they are not. the trend is up not down..
Reply
alanmasters alwaysinalways
@alwaysinalways, There is no momentum.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out