Bitcoin Preparing To Go Lower (XBTUSD), $8000 or $7400?

Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX

Description

⋅ Jan 20, 2020 2:43 AM

We are looking at bearish divergence on both the MACD and RSI, while Bitcoin (XBTUSD) moved down and close below EMA10.

Bitcoin peaked and is retracing now. We can see that EMA50 ($8594) is working as support.
If this level breaks, we are likely to see Bitcoin move lower and hit the $8276 - $8128 price range.

We have both indicators trending down as well as a strong bearish signal on the daily timeframe yesterday, pointing to lower prices, see more here:

Conditions for change
For us to see Bitcoin move higher, prices first need to challenge and conquer EMA10 ($8767), followed by the last high at $9190... Where prices go next would depend on how these levels are handled.

Right now we are looking bearish.

Where do you think Bitcoin is headed next?

Thanks for reading.

Namaste.

Comments

HiteshMalviya

⋅ Jan 20, 2020 2:13 PM

Drop possible to 7800$ which is also trendline support, Elliot wave counts also suggest a drop further below 8000$.

CryptoTraderXL

⋅ Jan 20, 2020 9:53 AM

200 MA is a major resistance level. Bulls are not strong enough.

AlanSantana

⋅ Jan 20, 2020 11:03 AM

@CryptoTraderXL, Thanks for sharing.

anditfeels

⋅ Jan 20, 2020 3:16 AM

You put TD Sequential to your chart, but provide no analysis. Why?

Candle_Styx

⋅ Jan 20, 2020 3:09 AM

everything pointing down.. only CME gap makes me doubt this.

AlanSantana

⋅ Jan 20, 2020 11:03 AM

@CryptoStyx, Mind sharing?

Confucius-The-Great

⋅ Jan 20, 2020 3:06 AM

7400. The huge red candle from yesterday was a pretty bad rejection. The next week is gonna be exciting.

AlanSantana

⋅ Jan 20, 2020 11:03 AM

@Confucius-The-Great, Indeed, will the alts pump hard?