Bitcoin Analysis Update: Short-Term view

As we can see, Bitcoin was dumped with a huge red candle and the price dropped to $6300 zone. Immediately afterwards the price railed up above $7K.

On 1D chart, Bitcoin is loosing MA10. On 4H chart, Bitcoin already lost MA10, MA20 & MA50. Expcept MA50, all previous mentioned MAs going to the south. Technicaly, it means that downtrend begun. This idea is also supported by RSI and MACD, which already turned to bearish.

MA100 still holds as a support around $6500. So, $6.5K is our 1st support. The next one lies around $5800.

On the other hand, if Bitcoin will goes up, profit targtes could be $7400/$7600/$7800.

Summary - As I wrotte a few lines before - Bitcoin is in downtrend now and I guess that Bitcoin will go to $6500 or eve more deeper again. But the weekend is ahead of us and low volume is coming and that's why I think we can go higher during the weekend.

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Comment:

Our 1st target at $7400 reached, but Bitcoin was rejected and currently is trading below 7300. So, and what about the other profit targets?
On 1D chart:
Bitcoin is testing MA10. If Bitcoin lost this dynamic S/R level, the next ones will be $6500 (MA20) and $5600 (MA50).

RSI and MACD remain bearish.

Bitcoin looks bad on smaller time frames too. Let's take a look on 1H chart. All of MAs lost and they turned to resistance levels. Important levels are $7400 & $7600. In case of successful breakthrough, the $7.8K-$8K zone could be tested again.

RSI is likely declining. MACD just turned to bearish.
Summary - I'm not sure Bitcoin will go upward again due to bearish indicators. Also, current price action seems to me Bulls are exhausted and need to charge their power. Maybe there is an opportunity to scalp between $7200-$7500. But it's weekend and it is time to rest :-) But currently, I keep my eyes on $7.2K as an important support level.

Comment: