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Bitcoin failed to breakout and Sellers are back!

Wednesday, March 7, 2018 8:13 AM GMT

Following up our Cryptoanalysis, Bitcoin failed to breakout the reversed Head & Shoulder’s neckline and the sellers stepped in. Reviewing the daily TF, the BTCUSD is testing the 21 EMA, which is major support. However, it has also violated the trendline (T1). If this is valid then 21 EMA won’t be able to hold the price above. In the mean, while Stochastics remains bearish and MACD is near to a bearish crossover signal (even though is around 0 level).

Daily

Heading to the hourly TF, the BTCUSD moves below 200 SMA, which means that intraday trend is downwards. The 61.8% Fibonacci level is below and it may offer a decent short-term buying opportunity. On the other hand, a bearish rejection of 10760 level may possible too due to the bearish bias.

Hourly

(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 21EMA = White, 200SMA = Yellow)

 

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