Bitcoin | Mixed Signals No More | Pt. 2 (Indicators)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We looked at the mixed signals for Bitcoin ( BTCUSD ) on the 4H timeframe... Now let's look at the daily and see what we have.

We still have some mixed signals here since we are technically bullish above EMA10... But we have many signals developing that tells us a drop can come next.

Let's get started right away.

1) Let's start by looking at the blue lines on top of the candles.
  • The bold line matches the upper wicks... We take this as resistance.
  • The dotted line matches the candles close... We also take this as resistance.

Any trading below these two lines looks bearish for Bitcoin .

The price for Bitcoin remains really strong... The peak price here is $12097 and we are currently at ~$11600, another bullish technicality.

2) Now, the trading volume is going really low... This isn't good news here.
Trading volume stalling while the same price remains, even if for short-term can be considered distribution.

As mentioned in the title... Let's look at the indicators, MACD and RSI .

3) The MACD

- Notice the MACD being really high and starting to curve down.
- The histogram has also been going lower and aiming to turn red.
- We also have a bearish divergence between BTCUSD and the MACD .

4) The RSI

- The RSI peaked 1st August and is already looking bearish and trading below support.
- It can easily move lower.
- The STOCH is also trending lower.

5) The last signal I will share with you is based on EMA10.
EMA10 has been working as support, with multiple wicks hitting this line over and over... The more often a support level is hit the weaker it becomes.

If EMA10 ($11410) fails, prices move and close below it, we will see Bitcoin move to hit EMA50 which is now sitting at $10210.

Conditions for change
The charts are always changing... So what would it take for this bearish set up to be invalidated and for Bitcoin to go straight up?

The last high needs to be taken out with high volume ... Or else, Bitcoin is very likely to drop.

Remember to hit LIKE now to show your support.

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