Bitcoin Going Down? Mixed Signals.
Updated
Hello and thank you for viewing my thoughts on BTC.
After many attempts to break the magical 10k mark, a correction is in play.
So what happened?
We just had an EMA crossing which is a very bullish sign.
But, we just had RSI showing overbought and MACD curling down which usually confirms the uptrend is over.
I think what we have going on is that the 10k is a very psychological resistance that is scaring many bulls off.
Now the bears are taking advantage of this opportunity.
This is December all over again. It took sometime to finally break the 10k barrier.
The way I see it, I think the Bitcoin run is not over.
We should see a bounce back up from 9300, if this fails then a bounce from the EMA 50 around 8900.
Then continue the uptrend and finally breaking past 10k this week coming.
Please feel free to share and discuss your ideas.
Have a great day.
After many attempts to break the magical 10k mark, a correction is in play.
So what happened?
We just had an EMA crossing which is a very bullish sign.
But, we just had RSI showing overbought and MACD curling down which usually confirms the uptrend is over.
I think what we have going on is that the 10k is a very psychological resistance that is scaring many bulls off.
Now the bears are taking advantage of this opportunity.
This is December all over again. It took sometime to finally break the 10k barrier.
The way I see it, I think the Bitcoin run is not over.
We should see a bounce back up from 9300, if this fails then a bounce from the EMA 50 around 8900.
Then continue the uptrend and finally breaking past 10k this week coming.
Please feel free to share and discuss your ideas.
Have a great day.
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BTC may have found support at my first expected bounce range.Let's see how the day plays out.
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BTC so far has bounced up from my first range, however, there is a small downtrend on the 4hr chart. BTC may bounce down from this downtrend to 8900 before finding support and bouncing back up. Or, when Asia traders wake up and start trading, BTC goes through now. Next few hours should provide more info.RSI turning north. MACD not far behind.
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Bounce up from 8950 looks to be the end of the 3 day BTC slide. Hidden bullish divergence found.
BTC up from here!
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Another BTC drop has 8900 tested here.So far, looks like it may bounce up off from the EMA50 here
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So, the BTC correction was much more than I expected and I think many others expected. Almost safe to say the correction is over I believe.
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