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 starting to increase as soon as prices moved below MA200.
- The moving below zero while curving down.
- Weak below 40 .
- Strong 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 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.