Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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I sent out an early signal about Bitcoin (BTCUSD) dropping... I know it is really early for many people but these are the signals coming from the charts.
I am only reading the chart... The chart can always change and is always changing as each candle closes.
At the time of writing, this is what I am getting from the BTCUSD (Short-term) 1H Timeframe chart.
Bitcoin Drop Starts To Take Form
Prices peaked for Bitcoin on the 30th of April.
So far we are looking at a lower high on the 1h timeframe.
The last candle closed below EMA10. This candle also has above-average bear/red volume, signaling that the bears are waking up.
The MACD is showing a bearish cross (MACD crossing down the signal line).
The RSI is trending lower.
EMA50 was tested recently and held as support, prices bounced and printed a higher low. Now that EMA50 is being tested again, this support level isn't likely to hold.
All of the above signals are pointing to a drop.
The dashed lines on the chart with the different fib. levels and BTCUSD prices stand for SUPPORT.
How Can It All Change and Bitcoin Go Bullish Short-Term?
Prices need to move back above EMA10 for BTCUSD and print a new high compared to the 30th of April. This can signal additional growth... For now, Bitcoin is starting to drop.
You can see more below: Bitcoin Peak Prices Since All-Time High @$20000 (Lower Highs)