Bitcoin Monthly Going To $8570 ($6134 Or Lower Is Possible)

Hello my fellow cryptocurrency trader, wishing you a great Sunday today and also a wonderful upcoming New Moon.

We've been looking at Bitcoin (BTCUSD) over and over short-term... Which can blur the long-term picture as to what is coming for this cryptocurrency, the King... next.

Hit LIKE now and let's get straight to the conclusion...

Bitcoin (BTCUSD) is very likely to hit ~$8500 on the monthly timeframe.
Prices will be testing in the least EMA10... But there is room for much lower...

Let's get started.


Bitcoin Monthly (Chart Signals & Analysis by Alan Masters)

• June 2020 closed with a bearish candle for BTCUSD (M).
  
• At the same time, we have a lower high compared to Feb. 2020.
  
• If you look at the blue dotted and dashed lines, we also have downtrend lines working as resistance.
  
• Trading volume is really low... On this set up a bearish signal.
  
• The MACD is moving below the signal line and also printing lower highs.
  

The list above is all bearish signals coming from this chart.
The RSI looks solid and strong so it isn't a bearish factor in this analysis.

If we do my classic EMAs analysis, there is more...

After BTCUSD crashed in March to test below EMA50, reaching a low of $4,000, what followed was a lower high in June compared to February...
This is telling me that the next drop will go lower than EMA50...

What does this mean?

Bitcoin (BTCUSD) monthly can go below $6134 on the next strong move, based on this 100% original signal/EMA analysis.

Ok... There are many bearish signals coming from this chart.
We also have some technicals that are bullish, for example, prices staying above EMA10 we consider it to be bullish...

Conditions for change
What needs to happen for these bearish signals to be erased and the bulls to feel good and move back ahead?

Prices for Bitcoin (BTCUSD) would have to move and close above $10,550 for this crypto to enter the bullish zone.

If we continue to see prices trading below $10,550/$10,400... The longer it stays below, the higher the chances for Bitcoin to drop...

First aiming for $8,500 followed by $6,134.

This is my first monthly analysis for Bitcoin in a long while... Hit LIKE if you enjoyed this post and would like to show your support.

Namaste.