Bitcoin Also Red | No Bulls In Sight

٢٨ يناير ٢٠٢٢

We just looked at the SPX, NDX and DJI on three different timeframes, that is Daily, Weekly & Monthly, they are all bearish.

Bitcoin (BTC) is also bearish, actually, it went ahead and is already more advanced into its correction, which also means that Bitcoin's correction will finish first before the major USA indexes.

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Bitcoin Daily (D):

- Here we can see clearly how BTCUSD is being rejected over and over by the EMA10 green line.
- We have a strong downtrend.

On the weekly timeframe we have the same situation we saw with the DJI, Bitcoin remains above support but there is weakness:

- As you can see on the chart above, EMA100 (the blue line) is now working as support. As shown in previous analysis, there can be a small bounce here or sideways/range trading before the next breakdown.

The monthly timeframe does not help, here is the chart:

- Prices already went below EMA10 last month for the first time since March 2020. This month will be the first close below this important support.
- EMA21 is also being challenged but the monthly candle close is needed for confirmation.

- The indicators aren't looking really good. We have a nasty bearish cross on the MACD and plenty of room to move lower, the histogram has also gone red for the first time since 2019 basically...

- Very strong bearish divergence on the RSI, break below support trendline as well:

We can find some mixed signals if we look deep.
We can find some bullish signals but the bears are on top.

We already have a lot of correction, Bitcoin went from $69,000 to $36,000 currently... We are not at the bottom just yet but once we hit bottom, the only place left to go is back up.

This is like a detox.
You get to feel bad for a few days while doing it but once it is over you feel fresh, strong and healthy as a new born.

WE LOVE CRYPTOCURRENCY!
WE LOVE BITCOIN!

Thanks a lot for your support.

Namaste.