Bitcoin Analysis Update: Short-Term view
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 and , which already turned to .
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 is coming and that's why I think we can go higher during the weekend.
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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.