Bitcoin (BTC) has just closed the week below its 50 week exponential moving average. This confirms our bearish bias and points to a major decline in the weeks ahead. As long as the price remains below the 50 week EMA, there is no reason to be bullish on Bitcoin (BTC). That being said, technical indicators on shorter time frames now present the possibility of short term movements to the upside before the weekly close. In other words, BTC/USD could rally towards $5,300 in the days ahead as the daily Stochastic RSI is now near oversold territory. The price remains heavily overbought on the weekly time frame and investors who are more interested in buying and holding instead of trading would be better of waiting for the price to retrace in the weeks ahead.
The price has now closed below the 50 week EMA for the second time but it has also faced rejection at a trend line resistance that extends back early 2018. In our previous analyses, we have discussed how the ongoing cycle has to be…
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