Bitcoin Trend Analysis
Updated
Bitcoin -1.29% on the daily is looking to reset itself further. The 50 day and 20 day EMA have a higher spread, the RSI is overbought, and the MACD is showing some more short-mid term bearishness with the crossover. The master trend line on the bottom is where I think we bounce at ~7500. We might be in a pretty big inverse head and shoulders formation which would be nice to bounce off of, and it does match with the ~7500 estimate. Though we might bounce intra-day, we are probably heading down to those levels. Additionally, at that point, we may be seeing a hidden bullish divergence with a higher low on the candles.
Note
200 day*, excuse me
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