BitcoinShort
BTCUSD idea
Market Analysis:
As BTC rejected the support line at 48.5K twice in the last week, the downtrend of BTC continues. Though volatility is low after a sudden drop recently after Tesla’s refusal to accept BTC as a payment method.
What does the future look like:
1. BTC after rejecting the 48.5K is moving through another downward wedge with a support line at 42K, if BTC doesn’t cross over this wedge and continues its trajectory and ends up below the support line, the prices can drop up to a new low of 30K.
2. RSI is below 50 and is following a downward trend for the past 2 weeks. If the RSI continues to follow this trend line then there will be a huge drop in price so it needs to break through this line in the next couple of days to see any bullish trend.
3. MACD is also below the 0 mark indicating a bullish trend but due to few recent green candles, it looks like it may move above 0.
4. EMA is also moving in a downtrend and has moved above the price though the difference can be seen to be closing nothing can be said about it with certainty.
According to the following analysis, we can say that BTC may move in a bearish trend until it sees a major trend reversal and goes above the trend and maintains its position.
As BTC rejected the support line at 48.5K twice in the last week, the downtrend of BTC continues. Though volatility is low after a sudden drop recently after Tesla’s refusal to accept BTC as a payment method.
What does the future look like:
1. BTC after rejecting the 48.5K is moving through another downward wedge with a support line at 42K, if BTC doesn’t cross over this wedge and continues its trajectory and ends up below the support line, the prices can drop up to a new low of 30K.
2. RSI is below 50 and is following a downward trend for the past 2 weeks. If the RSI continues to follow this trend line then there will be a huge drop in price so it needs to break through this line in the next couple of days to see any bullish trend.
3. MACD is also below the 0 mark indicating a bullish trend but due to few recent green candles, it looks like it may move above 0.
4. EMA is also moving in a downtrend and has moved above the price though the difference can be seen to be closing nothing can be said about it with certainty.
According to the following analysis, we can say that BTC may move in a bearish trend until it sees a major trend reversal and goes above the trend and maintains its position.
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