BITCOIN ($BTC): Re-buy between 6.5K - 6.6K
Hello Crypto Traders,
I want to highlight EMA100 again. Yesterday, I wrotte, that BTC must hold above EMA100 for several days. Unfortunately, BTC only close above this level once, yesterday.
Today we saw dump below EMA100 and also below 4K level. EMA100 again showed that significantly affect BTC and it is strong dynamic resistance. So, BTC must defeat these resistance levels first.
Based on pattern, is very likely we close today as , which can be considered as significant sign. Overall price action indicate that the market is under the control of bears than bulls.
Looking at 1D , it bouced off the 70 level and going to the south.
Conclusion ... just watching btc is the best idea for now. I expect drop to 3.6K-3.5K rather than leg up to 4.2K at this moment. Question is only when and how? Because of the weekend is ahead us = low = to manipulate BTC is less difficult.
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Let's start with indicators on 1D chart.
The most interesting remains BB. It has been 44 days, since BTC moves above BB's Base Line and at the same time reached out of BB's upper border for the 1st time. Since then has been out of the channel 4 times, which is a lot. BB channel remains narrow, indication a significant price movement will follow.
RSI is moving to the south, to the 50 line. MACD indicates trend change.
Let's move to 1D EMAs - EMA100 ($3993) continues to prevent BTC from price increase. Currently, BTC losing EMA10, 1st bearish sign. As support levels can be found EMA20 ($3918) and more significant EMA50 ($3842).
Looking at current price action (let's move on 4H TF) - interesting are two drops followed by unsuccessful pullbacks and lot of bearish candlestick below important Fib levels. Also, we have LL and LH there.
Skip to 1W - these candlesticks really don't look bullish.
Conclusion - downtrend expected, this bearish setup remains valid. Some retracement can be expected between $3700-$3600.