Bitcoin Preparing To Go Lower (XBTUSD), $8000 or $7400?

٢٠ يناير ٢٠٢٠

We are looking at bearish divergence on both the MACD and RSI, while Bitcoin (XBTUSD) moved down and close below EMA10.

Bitcoin peaked and is retracing now. We can see that EMA50 ($8594) is working as support.
If this level breaks, we are likely to see Bitcoin move lower and hit the $8276 - $8128 price range.

We have both indicators trending down as well as a strong bearish signal on the daily timeframe yesterday, pointing to lower prices, see more here:

Conditions for change
For us to see Bitcoin move higher, prices first need to challenge and conquer EMA10 ($8767), followed by the last high at $9190... Where prices go next would depend on how these levels are handled.

Right now we are looking bearish.

Where do you think Bitcoin is headed next?

Thanks for reading.

Namaste.