Based on the lower high after the test of EMA50 as support, this is telling me that Bitcoin will test EMA100 next on the 4H timeframe.
EMA100 is sitting at around $16848.
The bearish volume is going higher and both the MACD and RSI are starting to turn.
Conditions for change This chart will only be invalidated if BTCUSD moves and closes above EMA10.
Thanks a lot for reading.
Feel free to hit LIKE!
Namaste.
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Previous chart Nov. 21 Bitcoin Drop Explained, Don't Get Too Comfortable
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We have a clear reversal taking place...
Closing above EMA10 invalidates this analysis.
The bulls go back on top and we continue with the bullish bias.
If prices move back below EMA10, we keep the bearish bias.
Thanks a lot for your amazing support.
Namaste.
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While some people might go into the "you got it wrong" and what not mentality, those trading cryptocurrencies, especially altcoins, can take this as a very positive development.
Bitcoin growing more now, after seeing MASSIVE BULLISH ACTION for the altcoins is as good as it gets.
The charts are always changing, prices move up and down...
We adapt, continue trading, try to maximize profits, and learn from every single action, right or wrong, that we take.
Thanks a lot for your amazing and continued support.