Bitcoin Short Short-Term | Can Hit $42K or Lower If...
We are looking at Bitcoin (BTCUSD) on the 4H timeframe where a bearish bias is starting to develop.
The current candle is trading below EMA50, EMA100, EMA10, and EMA21, which favors the bears.
The current candle is still active but closes in about an hour.
A close below these levels can signal that Bitcoin is about to drop.
This drop would take the price where EMA300 is sitting at.
That's the grey line on the chart.
This is the price range of $40000 and $43000.
Conditions for change
We have lower highs and lower lows since the peak was hit back on Feb. 21 but things can change.
If we see prices moving up and closing above $50,250 on this timeframe, the short-term potential switches once more towards the bulls, but the longer we stay below EMA100/50/21/10, the higher the probabilities of Bitcoin dropping lower.
Do you agree with this analysis?
Yes? Leave me a comment...
If not, please share your views in the comment section below.
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Namaste.
The current candle is trading below EMA50, EMA100, EMA10, and EMA21, which favors the bears.
The current candle is still active but closes in about an hour.
A close below these levels can signal that Bitcoin is about to drop.
This drop would take the price where EMA300 is sitting at.
That's the grey line on the chart.
This is the price range of $40000 and $43000.
Conditions for change
We have lower highs and lower lows since the peak was hit back on Feb. 21 but things can change.
If we see prices moving up and closing above $50,250 on this timeframe, the short-term potential switches once more towards the bulls, but the longer we stay below EMA100/50/21/10, the higher the probabilities of Bitcoin dropping lower.
Do you agree with this analysis?
Yes? Leave me a comment...
If not, please share your views in the comment section below.
Make sure to hit LIKE for more.
Namaste.
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