Bitcoin, Not So Fast Trolls... $16,500 Target Still In-Play!

Patience is key... Our $16500 target is still in-play for Bitcoin (BTCUSD).

Bitcoin broke bearish yesterday and we saw its price decrease by over $1200 after my previous trade idea...

We are now seeing a small bounce with the chart still looking bearish.

• Notice that prices are still trading below EMA10, EMA21, EMA50, and EMA100.
  
  
• The MACD is now below zero (0) and the RSI below 50, both bearish signals.
  
  
• We have a bearish cross between multiple EMAs and when we look at the daily timeframe, prices are still trading below EMA10.
  

Patience is the key is what I always say...

As long as prices remain below EMA50, we expect to see even lower prices next.

Previous chart | Bitcoin To ~$16,500 Now Confirmed!

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Thanks a lot for your support.

Namaste.

Comment:

New update for BTCUSD (Bitcoin) on the daily timeframe... Enjoy!

Comment:

It looks like the drop is about to gain momentum... Pretty good.

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