Bitcoin Bounce Is In, The Drop Follows ($3k, $4k or $6k?)
Updated
Remember the bounce I mentioned in my last article?
"As soon as this bounce is done... You can expect Bitcoin to drop some more."
Right now we have a lower-high (bounce) on the daily timeframe which supports the bearish view.
We have the trading volume going lower and the indicators starting to turn.
Prices are still trading above EMA10, but the lower high and lower volume are signaling another drop.
Conditions for change
For prices to move higher for Bitcoin, the last peak at $10045 needs to be broken.
"As soon as this bounce is done... You can expect Bitcoin to drop some more."
Right now we have a lower-high (bounce) on the daily timeframe which supports the bearish view.
We have the trading volume going lower and the indicators starting to turn.
Prices are still trading above EMA10, but the lower high and lower volume are signaling another drop.
Conditions for change
For prices to move higher for Bitcoin, the last peak at $10045 needs to be broken.
- We remain open to more down while prices remain below this level.
- If prices move above the last peak, the bulls can gain back control.
Red is clear here.
Prices will soon start to drop.
Feel free to hit LIKE if you appreciate this content and would like to see more.
Namaste.
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