Bitcoin To ~$16,500 Now Confirmed!

٨ ديسمبر ٢٠٢٠

It is now looking more and more likely that Bitcoin (BTCUSD) is headed towards ~$16,500 on the next bearish move.

This move has been in the making since late November and recently we are getting additional confirmations from the charts.

Here we are looking at Bitcoin Daily and we can see prices moving below EMA10...
EMA10 has been holding strong for the entire bull-run but now it is starting to fail.

Since EMA21 ($18300) has already been tested, as I mentioned before, the next support to be challenged right below it is EMA50 which is now sitting at $16,500+.

We can also see bearish divergence with both the MACD and RSI after the late November bearish move... Remember that these signals become stronger when it shows up on both indicators.

Confirmation is also coming on the weekly chart.
Check back for my Bitcoin Weekly analysis update.

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