On Saturday, we drew attention to the bearish crossover between the 20-day SMA and the 50-day SMA. As much has not changed since that, we have no reason to change our stance and continue to think there is a good chance of Bitcoin falling lower (to the area around $27,00). We will update our thoughts once new developments appear.
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Slightly bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.