alanmasters
Short

Bitcoin Dresses in Red, Where To Next?

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin ( XBTUSD ) broke below support in the form of EMA10, EMA50, and EMA100.

Prices bounced after hitting EMA300 (gray line) but the bounce didn't lead to much.

We have a higher low when we look at the wick of the candle on 11-June compared to 2-June, but if you look at the candle closure we have a lower low. This is a bearish signal.

The RSI and MACD are now on the bearish zone and trending lower.

Bitcoin is now aiming lower.
First EMA300 at $9066 can be tested again if MA200 ($9409) working as support breaks.
Prices are likely to continue lower here based on current chart signals.

Conditions necessary for change
Bitcoin ( XBTUSD ) needs to move above the "resistance" for us to consider the bullish scenario... This is less probable right now.

Thanks a lot for your continued support.

Namaste.


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Comments

Ichimoku analysis confirms your analysis. For a reversal, the daily candle should close above the base line and confirm suppôrt on it. RSI and OBV supporting such reversal ... So currently the trend is definitly still bearish., with a price struggling crossing up the huge resistance around 9500 built by Ichimoku base, and conversion line along with the MA 20. Take care.
+1 Reply
alanmasters optimalkap
@optimalkap, Great analysis... Thanks for sharing. :)
Reply
optimalkap alanmasters
@alanmasters, btw the trend seems to be on verge to reverse ... let's see ... extreme caution recommended :-)) as usual with this megalodron ...
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Yuriy_Bishko Yuriy_Bishko
@Yuriy_Bishko, good luck!
Reply
Bitcoin Might test the Major Resistance again

Reply
@Faibik, Thanks for sharing.
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Any thoughts on BTC going lower and how that will affect the altcoins. Yesterday's drop put a lot of downward pressure on everything pretty much across the board. Most of my portfolio has recovered. The looming question is whether it is worthwhile to go in and convert everything to a stable coin or simply ride it out.
Reply
@Bodeman, Black or white...

You missed all the colors in between... Green, Yellow, Blue, Purple, Orange, Grey, Silver, Gold...

You can secure profits on your big GREEN trades.

You can secure a portion and keep the rest.

Close the ones that are already too high and look for bottomed out ones, etc.

Open yourself up to more because the altcoins can react in any of many different ways if Bitcoin drops.

Namaste.
Reply
BTC Is Going To Explode higher out of Giant Bullish Pennant
Reply
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