Bitcoin (BTCUSD) has been aiming lower since reaching a top on the 6th of August. We warned about an imminent retrace and this is now happening... Let's take a look at the chart:
BTCUSD is now trading below EMA10 ($11,300). In my previous article, we mention that any trading above this level is bullish, but below this level, we go bearish. The daily candle is yet to close, but if BTCUSD closes below EMA100, it is very likely to move lower.
Our next target is sitting at EMA50 which is now $10,551. This is the level where Bitcoin will find support next if it closes bearish today.
MACD and RSI are leaning towards the bulls. The RSI is gaining momentum down and signals a strong drop incoming. Here is the chart:
You can see our previous analysis with altcoins market update below... Still valid:
Bitcoin Bearish Short-Term (Aims at $11,000 or Lower) + AltcoinsBitcoin Looking To Retrace, $10,400 Possible, Full Analysis!Bitcoin Weekly Update (Bullish vs Bearish Potential)
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