Bitcoin has formed a double top on the 4-hour chart, indicating a bearish trend. Furthermore, the price action has moved under the 50 EMA and 200 EMA once again. It also broke the support at 0.618. Look out for the following signals to further confirm the downtrend:- Williams %R starting to move to the 0 - 25 area.
- A further downtrend continuation below the blue line.
- Cross of the 50 EMA with the 200 EMA.
- Cross on the MACD.
- Next price target at 0.382 ($8167.8/approximately blue line).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.