Bitcoin / TetherUSShort
BTC loses it's momentum, waiting for short trades
Updated
BTC loses it's momentum, waiting for short trades.
Many of bearish signs possible appear on the daily chart, including:
- A death cross (MA50 crosses down of MA200) might happen in this month.
- Price gets rejected MA200 and moves sideways.
- Volume is relatively low in comparison to last July-August 2019.
- TRIX6 gets rejected 0 lines and crosses down of its MA8 (my indicator).
Support areas for buying back BTC:
- Local support at around $7,500.
- Weekly MA50 at around $6,600.
Explain more about my '[BTX] Triple TRIX + MAs indicator':
- TRIX6 indicates the short-term direction of an asset.
- TRIXs and their MAs crossing can generate bullish/bearish signals.
- TRIX is a lagging indicator but multiple TRIXs and their MAs act as a leading indicator.
- The 'Zero lines' is a frontier of positive/negative trends.
Many of bearish signs possible appear on the daily chart, including:
- A death cross (MA50 crosses down of MA200) might happen in this month.
- Price gets rejected MA200 and moves sideways.
- Volume is relatively low in comparison to last July-August 2019.
- TRIX6 gets rejected 0 lines and crosses down of its MA8 (my indicator).
Support areas for buying back BTC:
- Local support at around $7,500.
- Weekly MA50 at around $6,600.
Explain more about my '[BTX] Triple TRIX + MAs indicator':
- TRIX6 indicates the short-term direction of an asset.
- TRIXs and their MAs crossing can generate bullish/bearish signals.
- TRIX is a lagging indicator but multiple TRIXs and their MAs act as a leading indicator.
- The 'Zero lines' is a frontier of positive/negative trends.
Trade active
A death cross is very likely to be formed on the daily chart. Besides, local support at $7,500 failed to stop the dump. BTC is heading to the $6,600 area (green rectangle on the chart).
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