BTC Technical Analisys: Bearish Signal to be confirmed on the Daily close Candle!steemCreated with Sketch.

in LAKSHMI • 2 years ago

BALANCE.png

Quite a lot of BTC hit the exchanges over the past 30 days and today.

This is not a bullish signal beacause we have Bitcoins on the exchanges ready to sell.

whales are preparing a Long Squeeze, or retails are afraid and send their BTC to the exchanges to sell them?

The DXY Dollar Index is bullish today.

The 50% fibo served as support 3 times for a continuation of the bullish uptrend, and the 38.2% one time and the 61.8% also once.

The MA 62 in blue supports the uptrend.

If we close today with a green candle, then the hidden bullish divergence on the Torys RSI will be confirmed, so the S&P 500 with the BTC will turn Bearish given the negative correlation with the DXY.

https://www.tradingview.com/x/8tP6UEHq/

DXY.png

BTC fails to close with a Daily candle above 50% fibo at 23.8K

We are on the MA 62 as support, so the buyers are unable to push higher and lose momentum.

The multiple long wick candles is a sign of a rejection below, so at least down of the bullish channel at 21.5K, if not below the range at 19K or even lower than the last bottom towards 17.5 K

The other probable bullish scenario for the moment in my opinion is the return of buyers in force to test the 1st resistance at 25.5K on the 61.8% fib, then the 28.5K, and the 32K.

https://www.tradingview.com/x/r8XVFw84/

BTC.png

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#trading #bitcoin #usdt #binance #exchange #technical #anlysis
2 years ago in LAKSHMI by
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