We are looking at a potential head & shoulders pattern which together with other signals confirms a bearish Bitcoin.
Right now we have prices moving below EMA10 for BTCUSD on increasing volume.
Right now we have prices moving below EMA10 for BTCUSD on increasing volume.
- The MACD has been trending lower and lower giving out multiple signals in the form of bearish divergence.
- The RSI is trending down strong.
All these signals add up to the candlestick printed on the 2nd August, which told us that a reversal was close to come.
So get ready... You've been warned...
Bitcoin is likely to go lower.
How will this affect the altcoins market in general?
The altcoins market will continue to grow.
The TOP10 can/have their own cycle but the altcoins market in general, ALTSBTC, continues to look strong and very likely to print more and more growth.
Focus on the altcoins.
Namaste.
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