AlanSantana

What Will Do Bitcoin On Monday?

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) peaked at $10,074 on the 7-May and prices are now trading near the $9000-$9300 price range.
Bitcoin is no longer trading near resistance, now it is going towards support.

I saw some signals out of the charts and technicals that are really strong and pointing to a drop.

Mondays can be bloody for Bitcoin so please be cautious.

The potential targets for this drop start at the $8600-$8500 levels which can quickly move lower on strong volume .

Looking at the low volume this weekend prompts me to prepare some more.

Remember that there can be the fake/sudden move to the contrary side to shake a few positions up, but once that is over Bitcoin can start to drop.

Conditions for change
For BTCUSD to go bullish in our view on this setup, prices need to move and close first above the EMA10/Green line ($9330.68).

As long as Bitcoin remains trading below this level, we stay open to seeing prices drop anytime.

Namaste.
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Comment: This can be Bitcoin's next short-term move:

EMA200 can be tested and right after EMA300... But if prices can jump back above EMA50 (hard right now), it can go higher... But now it continues to signal lower.

Let me know in the comments if you have any questions.

Namaste.
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Comments

We can go up and we can go down, very bad chart
+4 Reply
Great TA...I’m with you on this. Now that the halving is complete, we are definitely due for a decent pullback. (No more hype) Plus that $10k region seems hard to pop this time around. Stay safe brotha and keep up the great work.
+4 Reply
@Naem80, Thanks. And thanks for the comment. :)

Namaste.
Reply
An impulsive, high volatility move to 5 - 6k region would be the most bullish thing ever for Bitcoin in my opinion

+3 Reply
AlanSantana Mansasuma
@Mansasuma, I agree with that... A correction is always good before a strong bullish move.
Reply
If it drops below 8800 here, there is a good chance to test another 200-300 downside
+3 Reply
AlanSantana six19trading
@six19trading, Nice... Thanks for sharing.

Which timeframe are you referring to?
Reply
six19trading AlanSantana
+2 Reply
Thanks for the nice, clear, and detailed analysis. It is safer not to enter a false jump, before 9330,and wait 8600.Namaste.
+3 Reply
AlanSantana dragansimic171111
@dragansimic171111, Very useful.

Thanks for sharing.
Reply
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