Bitcoin Short-Term, Likely To See Lower

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Let's have a quick look at Bitcoin short-term.

This is the BTCUSD pair on the 1H timeframe, let's read the chart.

  • We can see prices moving below EMA10/50/100 and MA200 (black line).
  • Bear volume starting to increase as soon as prices moved below MA200.
  • The MACD moving below zero while curving down.
  • Weak RSI below 40 .
  • Strong bearish candle on 2-Aug. signaling the bears entering the market with force.

These signals are calling for a lower Bitcoin .
This isn't me saying it, the signals we are reading...

Conditions for change

If prices move above EMA50 ($11271), these signals are completely invalidated.
The bearish bias we are seeing now loses momentum and a new analysis is needed.

This is a short timeframe so this analysis can change fast.
A new candle shows up every hour.

Remember to stay open and able to adapt to change.

Change is the only constant when reading charts.

I hope you liked this post.


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