Bitcoin (BTCUSD) looks ready to drop if the "red trendline" breaks, prices will be testing EMA50 at $9171. Bear volume is still low and needed for confirmation of a drop. If the volume doesn't show up, we can expect to continue seeing sideways.
What's your take? Is Bitcoin going down next or up?
Share your thoughts with us in the comments section below.
Namaste.
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BTGBTC (+284%)
POTBTC (+200%)
PERLBTC (+90%)
ICXBTC (+123%)
LSKBTC (+58%)
EXPBTC (+40%)
LTCBTC (+30%)
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Some more altcoins...
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New update: 🅱️ Bitcoin, Here Comes The Drop! $8900 Going To be Tested
@alanmasters - Thank you for your analysis. The tough part about the current situation is determining which timeframe is "dictating" price movement. On the 12H, it looks like Bulls might be waiting for the EMA 21 to catch up to price in order to have another test of that support. On the 6H, EMA 21 seems to be providing support, with the price caught between the MA20 and EMA 21. On the daily, we have wicks in both directions and all MAs are well below price. Likely a sideways/rangebound movement as we approach the end of the Chinese New Year (Year of the Rat) on 8 February, especially after we had those 3 white soldiers on the daily at the beginning of that 15-day festival. Technicals look good for additional upside. Fundamentals, not so much at the moment.
AlanSantana
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@SocialCryptopreneur, Thanks a lot for the detailed comment... We are likely to go down though for now.