Bitcoin Daily Update (No More Bearish Signals...)

16 июл. 2020 г.

I am looking now at the daily timeframe for BTCUSD.

We looked multiple times at the 1H timeframe, then 4H and now we are going to have another look at the daily (D).

Here we have prices dropping below EMA10 and EMA50.
Yesterday's candles closed below these levels and now we have a drop starting to shape.

We can see a bearish cross of EMA10 and EMA50 taking form.
This is when EMA10 crosses down the EMA50 line. This isn't bullish.
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When we look at the MACD, we can see a bearish cross happening below the zero line. MACD


We consider the MACD to be in the 'bullish zone' above zero and 'bearish zone' below zero.
This other signal isn't bullish as well.
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The RSI and STOCH are also curving down and moving lower.
The RSI is at 43.85 which isn't bad, anything above 40 is still good but we call bullish above 50.


Below 40 we would say bearish for sure but seeing it trending down and also breaking the trendline doesn't make it bullish...

This can all be just noise with a simple bounce on EMA100 and prices moving back up. But the signals that I shared in previous articles are telling us that prices can test the lower support.

What's your take?

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Namaste.