BTC/USD Daily Chart
Bitcoin saw a harsh rejection at the 10000-10500$ (Red Zone) level and finally broke out of the ascending channel. We're currently at the 0.236 Fibonacci retracement of this recent upward trend, with a bearish MACD cross and an increasing bearish Histogram. Also, the RSI re-entered the 45-55 area, which in the last 6 months played an important role. If the downtrend continues, our next stop is the 0.382 retracement (8960$) and the 200 MA (grey) region - currently at 8860$.
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BTC/USD Weekly Chart
On the weekly time-frame we have a clearer look at the Bitcoin's price action. The bullish MACD - Histogram is now decreasing and here we're not in the RSI channel yet, as on the daily chart. In case of a further drop, we could have the weekly candle wick reaching the 21 EMA (yellow, 8760$).
The worst case scenario, as I mentioned in my other posts, aims for the (forever) ascending 200 weekly MA (grey), currently at 5300$ and marked with the dotted line. Historically, this MA is our 'engine' and all the beautiful rallies started after bouncing at it. There's no guarantees that we won't revisit it sometime this year.
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Thanks for reading and safe trading!✌
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Everyone seems to think it’ll just go up and up infinitely when it’s on a run. They even buy at the end of it and then get surprised. 😂
Well.. this market could be a life-changer, but there's to much greed and FOMO going on, so most of the traders actually lose money.
Thanks for stopping by!
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