Bitcoin Daily | A Disaster Waiting To Happen

19 ביולי 2020

Bitcoin (BTCUSD) now continues trading fully below EMA10 and EMA50... This is a disaster waiting to happen.

Just as we consider strongly bullish to see prices move above EMA50 on the daily timeframe, the same is true for the inverse scenario.

We had BTCUSD play with this level for several weeks and it is now staying below it while additional volume is being lost.

We can only consider a bullish scenario if prices move up above these two indicators which are now sitting at $9191 and $9206... short-term.

For a long-term view, we would need to see Bitcoin above $10,500 for the bulls to move ahead...
But instead, the prices of this cryptocurrency king is sitting below EMA50 and EMA10...

I just look at the monthly timeframe for Bitcoin for the first time in many months...
Here I am predicting a potential drop to $8500 and even lower depending on how it goes...

See it here and let me know:

Thanks a lot for your continued support.

Namaste.