Bitcoin Drop Takes Form (Support Levels + Signals)

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
I sent out an early signal about Bitcoin ( BTCUSD ) dropping... I know it is really early for many people but these are the signals coming from the charts.

I am only reading the chart... The chart can always change and is always changing as each candle closes.

At the time of writing, this is what I am getting from the BTCUSD (Short-term) 1H Timeframe chart.

Bitcoin Drop Starts To Take Form

Prices peaked for Bitcoin on the 30th of April.
  • So far we are looking at a lower high on the 1h timeframe.

  • The last candle closed below EMA10. This candle also has above-average bear/red volume , signaling that the bears are waking up.

  • The MACD is showing a bearish cross ( MACD crossing down the signal line).

  • The RSI is trending lower.

  • EMA50 was tested recently and held as support, prices bounced and printed a higher low. Now that EMA50 is being tested again, this support level isn't likely to hold.

All of the above signals are pointing to a drop.

The dashed lines on the chart with the different fib. levels and BTCUSD prices stand for SUPPORT.

How Can It All Change and Bitcoin Go Bullish Short-Term?

Prices need to move back above EMA10 for BTCUSD and print a new high compared to the 30th of April.
This can signal additional growth... For now, Bitcoin is starting to drop.

You can see more below:
Bitcoin Peak Prices Since All-Time High @$20000 (Lower Highs)

Bitcoin, Watch Out For The Drop (Where To Next?)

Bitcoin Drop Starts Now?

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This is Alan Masters
Thanks a lot for reading.

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