Bitcoin Ramping up for 7.7k retest. Many Bearish Signs!!!
Hello guys. Bitcoin has displayed many bearish signs.
Firstly Bitcoin has broken out of its daily Ascending triangle downwards. This means that it will likely hit a target of 7.8k (Green zone).
Bitcoin has also closed below the Daily EMA ribbon. Every time this happens it indicates that the daily trend has ended, And that we are about to go much lower. We are able to see this in previous history(Highlited by Green circles). Its likely that Bitcoin might retest the EMA ribbon. This might be a good place to place a short position if you havent already.
Remember guys there is a CME gap at 7.7k
Historically these fill, So Bitcoin might go back down to this zone to fill it.
On the weekly time frame there is a Bearish RSI divergence and a Bearish Engulfing candle. We are able to see this here:
These two signs indicate a reversal in the trend on the weekly time frame.
Firstly Bitcoin has broken out of its daily Ascending triangle downwards. This means that it will likely hit a target of 7.8k (Green zone).
Bitcoin has also closed below the Daily EMA ribbon. Every time this happens it indicates that the daily trend has ended, And that we are about to go much lower. We are able to see this in previous history(Highlited by Green circles). Its likely that Bitcoin might retest the EMA ribbon. This might be a good place to place a short position if you havent already.
Remember guys there is a CME gap at 7.7k
Historically these fill, So Bitcoin might go back down to this zone to fill it.
On the weekly time frame there is a Bearish RSI divergence and a Bearish Engulfing candle. We are able to see this here:
These two signs indicate a reversal in the trend on the weekly time frame.
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