BITCOIN (#BTC): EMA GOLDEN CROSS / BEARISH DIVERGENCE
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Hi Crypto Traders,
the price has been around the EMA200 for several days. this resistance has not allowed the btc to fall below. During this time the Golden Cross occured. It is strong bullish signal. But, also we can see bearish divergence, which predict price drop to lower leves. To conclude, BTC will rise to price level at $8.400 and test local downward trend line resistance. In my opinion, this resistance line will reflect BTC back below EMA200, below $8.000.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
the price has been around the EMA200 for several days. this resistance has not allowed the btc to fall below. During this time the Golden Cross occured. It is strong bullish signal. But, also we can see bearish divergence, which predict price drop to lower leves. To conclude, BTC will rise to price level at $8.400 and test local downward trend line resistance. In my opinion, this resistance line will reflect BTC back below EMA200, below $8.000.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
Nota
I found some interesting patterns, therefore will we now take a look at the 45m chart.You can see quite similar price movements there, see blue objects. I noticed that btc likes to repeat similar or even the same price moves. It is not always possible to rely on it, but it may be an indication of further price movements. If this scenario will be fulfilled, the BTC will issue a resistance test at $8400 - $8600.
Nota
Looking at the 1D chart, we see that the BTC is still under the EMA200. All previous attempts to break this resistance were unsuccessful.When we look at the 1D chart, the indicators are still bearish. Strong EMA200 at $8600 and Ichi Cloud are above us. At the same time, BTC got back under EMA50 at $8,200. All previous attempts to break this trend line were unsuccessful. The last TK-Cross indicates a bearish trend too. However, this does not necessarily mean a drop. BTC can be pumped anytime. On the other hand, it seems that BTC has launched the Elliot impulse wave, assuming a price increase price at $8400 and probably even higher.
Nota
Yesterday I outlined three possible scenarios of the BTC price move. I bet on option c), but it option a) won. The BTC was pumped and the price risen up to $ 9,000. Despite this resistance line, the BTC did not brokethrought and the price dropped down by $400. The other Alts's price droped down too.Now, BTC is stucked between two lines at $ 8600 - $ 8800. This move to the side is typical for BTC, especially after stronger price movements.
I expect we will see another unsuccessful attempt to break the previous AHT at $9000, and the Descending Triangle will be completed. Then I rather expect to drop the price to 8000.I'm afraid, forming a bearish divergence, when the price creates Higher High, but MACD and RSI Lower High.
Also, I still did gave up the scenario with a drop below $6000. Because the last 5th Elliott wave seems to be still valid. We are currently in corrective Wave 2.
Also, I still did not put down the scenario with a drop below $ 6000. Why? Because the last 5th Elliott wave is still valid and we are currently in Corrective Wave 2.
Depending on the BTC, other currencies will move. We'll be safe if BTC stuck on market flat or if the price grows slowly and until we reached resistance at $9000.
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