We have Bitcoin (BTCUSD | 4H) facing resistance at MA200, the black line on the chart.
A strong drop followed after BTCUSD closed below MA200 back on 2-Sept. Prices dropped from ~$11600 all the way to $9800+.
Today we have a rejection at MA200 on the 4H chart...
We have a bearish cross on the MACD.
Bearish divergence between BTCUSD and the MACD.
And prices breaking below EMA10.
This move is just shaping up but I am seeing lower prices. I don't want to let my bias get in the way so let me tell you that this current candle is yet to close.
As no volume came in when MA200 was hit and prices are moving below EMA10... We will take the signal and call it a drop, but if BTCUSD moves and closes above MA200/EMA10, we can see more up.
Overall, I am getting a bearish sentiment with a strong bearish signal in early August and a support level has been taken off.